Biden, DNC increase donor caps in race for White House

Biden, DNC increase donor caps in race for White House
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Joe BidenJoe BidenRon Johnson signals some GOP senators concerned about his Obama-era probes On The Money: Pelosi, Mnuchin talk but make no progress on ending stalemate | Trump grabs 'third rail' of politics with payroll tax pause | Trump uses racist tropes to pitch fair housing repeal to 'suburban housewife' Biden commemorates anniversary of Charlottesville 'Unite the Right' rally: 'We are in a battle for the soul of our nation' MORE, the presumptive Democratic presidential nominee, will begin to ask contributors to donate upward of $620,000 to his presidential campaign and down-ballot Democrats as he scrambles to close the mushrooming financial gap between him and President TrumpDonald John TrumpNew Bob Woodward book will include details of 25 personal letters between Trump and Kim Jong Un On The Money: Pelosi, Mnuchin talk but make no progress on ending stalemate | Trump grabs 'third rail' of politics with payroll tax pause | Trump uses racist tropes to pitch fair housing repeal to 'suburban housewife' Biden commemorates anniversary of Charlottesville 'Unite the Right' rally: 'We are in a battle for the soul of our nation' MORE.

The Biden Victory Fund, a committee that jointly raises money with the Democratic National Committee (DNC), filed an agreement with the Federal Election Commission (FEC) on Saturday that will significantly up the amount wealthy donors can give to the body, which will then by shared by the campaign, party and 26 state parties.

The move will implement the same rules under which the Trump campaign has been raising money in the hopes that it can ultimately seek to level the playing field in the fundraising war.

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While an individual can give a maximum of $5,600 to Biden’s campaign committee, the new agreement will permit one donor to contribute more than 110 times that figure — and that cap can rise with each new state party that signs on to the agreement. Twenty-six state parties signed on to the deal Saturday, with potentially more to come.

Several of the states that are part of the arrangement are either key battleground states for the presidential race or have competitive down-ballot contests, including Arizona, Colorado, Georgia, Michigan, North Carolina, Ohio, Pennsylvania and Wisconsin.

Comparatively, Trump Victory, the GOP’s equivalent of the Biden Victory Fund, raises money for 24 state parties, the Trump campaign and the Republican National Committee (RNC). The president also rakes in funds from a second joint fundraising committee, dubbed Trump Make America Great Again, which raises money solely for the RNC and Trump campaign.

The bodies have helped mold Trump into a fundraising juggernaut; the president and the RNC combined to raise $61.7 million in April and have more than $255 million cash on hand. Biden and the DNC combined to raise $60.5 million in April.

While the former vice president did not clarify how much he had in the bank going into May, it is expected to be nowhere close to the Trump campaign’s gargantuan bank account.

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The Biden Victory Fund was created last month in an effort to widen the financial spigot for Biden’s coffers.

"Our goal is to elect Vice President Biden and Democrats across the country, and these state party partnerships will allow us to do just that," Greg Schultz, a senior adviser and general election strategist for the Biden campaign, said in a statement. "We've seen the momentum build across the country and will continue to build out the organization that will defeat Trump and deliver the White House to Vice President Biden in November."

Both Biden and Trump have been forced to rely heavily on online fundraising during the coronavirus pandemic, with social distancing orders essentially taking off the table any opportunity for the candidates to hobnob with donors in person.

Legal changes in 2014 loosened restrictions on individual donations, leading to the creation of such joint fundraising committees as the Biden Victory Fund and Trump Victory. Both Hillary ClintonHillary Diane Rodham ClintonThe Hill's Campaign Report: Biden, Harris make first public appearance as running mates Trump campaign spox rips GOP congressman over rejection of QAnon conspiracy Biden hits back after Trump's attacks on Harris MORE and Trump set up such committees in their 2016 runs.