Article Summary –
Donald J. Trump has been hosting private dinners at Mar-a-Lago, hoping to attract financial support for his campaign from wealthy Republicans, despite a significant cash shortfall against President Biden. While there has been no direct request for money, advisers to Trump’s campaign and super PACs anticipate political and financial benefits from these social gatherings. Trump’s campaign and the Republican National Committee have approximately $40 million in funds, while Democrats report $130 million, causing concerns about the financial disparity against Biden and the Democratic Party.
Trump’s Fundraising Efforts Fall Short as Biden Ramps Up
Donald J. Trump has been holding private dinners at Mar-a-Lago up to three nights a week, hoping to charm some of the Republican Party’s most significant financial backers. Despite no explicit request for funds, Trump’s advisers hope these meetings, attended by individuals like Larry Ellison, co-founder of Oracle, and sugar magnate Pepe Fanjul, will prove fruitful both politically and financially.
Trump’s urgent need for funds is stark against President Biden’s sizable cash advantage. The Democratic Party entered February with a whopping $130 million, while Trump and the Republican National Committee held only $40 million. Despite leading in public polls, Trump faces a significant financial disparity going into the general election.
Even as Trump leans into his well-documented wealth, he’s depending on others’ financial contributions, turning Mar-a-Lago into a hub for high-profile donors with their agendas. His 2017 tax cuts could serve as leverage with top G.O.P. financiers as many of these cuts are set to expire at the end of 2025 – cuts Biden has vowed not to extend for the nation’s highest earners.
The financial situation is further complicated by Trump’s personal financial struggles, including a $91.6 million bond in a civil case and a $450 million bond in a New York civil fraud case, as well as mounting legal bills as his criminal trial approaches. Despite these setbacks, some Trump allies remain optimistic about their fundraising capabilities, even if they raise less than Biden.
Trump Team Takes Over RNC
Trump’s team has taken swift action, installing daughter-in-law Lara Trump as co-chair of the RNC, focusing on increasing fundraising. The team also initiated mass layoffs in some departments and plans to move all finance and digital fundraising staff to Trump’s Florida headquarters by month-end. The Biden campaign, however, has made significant moves, opening 44 party and campaign offices in Wisconsin, while Trump’s team was laying off the RNC’s regional political staff.
Trump Forms New Fundraising Account
Trump recently formed a new joint fundraising account with the national party and approximately 40 state parties, named the Trump 47 Committee, which can raise funds in chunks exceeding $800,000. An upcoming dinner in Palm Beach is expected to raise over $25 million for the new account. However, some top donors fear their large donations might end up covering Trump’s legal fees, discouraging them from contributing.
Advertising Spending Highlights Cash Disparity
The financial gap between Trump and Biden is clearly reflected in their advertising spending in March, with Trump’s super PAC spending $380,000 on radio advertising targeting Black voters in three states, while the Biden campaign announced a $30 million ad campaign over six weeks.
Trump’s Fundraising Efforts Show Promise
February has been the strongest month for small-dollar fundraising for the Trump campaign, according to a spokeswoman. The Republican National Committee also announced its strongest fundraising weekend since 2020, following the appointment of Michael Whatley as chairman and Lara Trump as co-chair. In comparison, the Biden campaign announced it had raised over $10 million online in the 24 hours following the State of the Union address.
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