As of the conclusion of last year, President Biden maintained a significant financial advantage over his primary Republican adversary, former President Donald J. Trump, though not an overwhelmingly commanding one.
The financial figures, disclosed in filings to the Federal Election Commission on Wednesday, show that President Biden’s campaign possessed approximately $46 million in cash on hand by the end of December, in contrast to Mr. Trump’s campaign, which reported $33 million.
Despite facing nominal competition in the Democratic primary, President Biden did not establish the anticipated formidable financial lead, considering Mr. Trump’s allocation of resources to contend with Republican primary rivals.
Joe Biden and Donald Trump (Credits: Forbes)
Moreover, Mr. Trump’s political action committees directed $50 million toward legal expenses associated with his defense against 91 felony charges.
The year-end federal filings also offer insight into how the Biden campaign has disbursed the funds it accumulated. Notably, the largest expenditures were on television and digital advertising, exceeding $16 million in the third quarter, along with personnel costs.
The reports indicate that 72 individuals comprised the campaign staff at the end of the year, with additional hiring subsequently increasing the workforce to over 120 employees.
President Biden’s campaign released its top-line fundraising numbers two weeks prior, revealing a combined $97.1 million raised by the campaign, the Democratic National Committee, and affiliated fundraising entities in the final reporting period of 2023, with $117 million in cash by year’s end, the latest filings provide the first detailed breakdown of expenditures.
