The RNC also reported a war chest of $102 million at the end of June, nearly double the amount of cash on hand it reported at the end of May. The Democratic National Committee reported Saturday night that it had raised $39 million and reported $78 million in cash at the end of June.
The GOP’s fundraising momentum is an ominous sign for Democrats. The June reports capture just a few days of fundraising after Biden struggled in a debate with Trump on June 27, raising doubts among many Democratic lawmakers about whether he can be effective and defeat the former president if he remains at the top of the ticket.
While Biden’s campaign claimed to have raised $38 million in the four days after the Atlanta debate, Biden’s faltering performance sent waves of panic through the Democratic Party — prompting some high-dollar donors to say they were pausing their donations to outside groups that pay for many of the ads boosting Biden’s candidacy and attacking Trump. The potential drop in funding this month for the Biden campaign and its allies will not appear in FEC reports until August.
Biden’s campaign said it raised $127 million in June, while Trump’s campaign said it raised $111.8 million in the same period. Trump campaign filings late Saturday showed it has about $285 million in the bank, while Biden’s campaign had about $240 million in cash on hand. in its allied committees, including the Democratic National Committee.
Many Democrats are concerned that large donations to Biden’s effort have dropped precipitously as Biden has weighed calls for him to abandon his reelection bid.
A dozen Democrats, including two senators, called on Biden to drop out of the presidential race on Friday — the largest wave of such calls in a single day since the debate. Thirty-seven congressional Democrats said he should step aside.
As the number of lawmakers calling for Biden to withdraw has grown, the president has also heard directly from allies like House Minority Leader Hakeem Jeffries (D-N.Y.), who warned him that his candidacy could sink Democratic hopes of retaking the House, as well as former House Speaker Nancy Pelosi (D-Calif.), who urged him to get a clearer view of his slump in key opinion polls in swing states.
Major Democratic donors, who see the possibility of defeating Trump fading, are also moving quickly to map out alternative scenarios, including an attempt by some to begin the process of selecting potential vice presidential candidates who could serve alongside Vice President Harris if she replaces Biden as the party’s nominee.
In June, FF PAC — a major Biden-aligned super PAC that plans to spend heavily on ads — raised $33 million, boosted by a $15 million influx from a separate nonprofit, Future Forward. That surpassed the $23.5 million raised by MAGA Inc., the major Trump-aligned super PAC.
Top donors to FF PAC in June also included George Soros’ Democracy PAC, which donated $5 million, Silicon Valley entrepreneurs Reid Hoffman, who donated $3 million, and James and Kathryn Murdoch, who together donated $1 million.
MAGA Inc’s fundraising was boosted by donations of $5 million each from entrepreneur Robert Bigelow, WWE co-founder Linda McMahon and tobacco company RAI Services.
