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Biden holds massive cash advantage over Trump ahead of Election Day

Biden holds massive cash advantage over Trump ahead of Election Day

Democratic presidential nominee Joe BidenJoe BidenTrump rages against '60 Minutes' for interview with Krebs Cornyn spox: Neera Tanden has 'no chance' of being confirmed as Biden's OMB pick Five things to know about Georgia's Senate runoffs MORE has a massive cash-on-hand advantage over President TrumpDonald John TrumpTrump rages against '60 Minutes' for interview with Krebs Cornyn spox: Neera Tanden has 'no chance' of being confirmed as Biden's OMB pick Pa. lawmaker was informed of positive coronavirus test while meeting with Trump: report MORE in the final sprint to Election Day.

According to new filings with the Federal Election Commission, Biden entered October with more than $177 million in the bank, compared with $63.1 million for the president, marking a sharp reversal from earlier in the cycle when Trump’s cash advantage seemed insurmountable. 

The cash-on-hand totals, which do not incorporate funds from joint fundraising committees, come after a September in which both campaigns raised impressive hauls, though Biden still significantly outraised Trump last month. The former vice president broke his own record when he raked in $383 million, while Trump raised $247.8 million. The month before, Biden raised a then-record of $364.5 million, compared with $210 million for the president.

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Biden’s strong financial position in the final weeks before Nov. 3 was not taken for granted at the start of the primary season, with his fundraising lagging behind that of several of his Democratic opponents. But as the party’s base ultimately rallied around his campaign after his blowout in the South Carolina primary, so eventually did its donors.

Biden has used his gargantuan bank account to blitz the airwaves with ads, including new buys set to air during the World Series, and in recent weeks has seen his national polling lead over Trump hover in the low double digits. His single-digit leads in many swing state have also remained steady.

Trump, meanwhile, has faced a highly reported cash shortage after a summer of hefty spending followed by consecutive months in which he suddenly trailed Biden in fundraising. While Biden’s campaign was able to ramp up its fundraising, the president’s camp was forced to temporarily take down ads in key swing states as it reworked its budget.

Reflecting the spending disparity, Biden’s campaign spent nearly $285 million in September, compared with just over $139 million for Trump. 

Still, Trump’s campaign has looked to express confidence in the president’s chances at defeating Biden, with spokesperson Tim Murtaugh saying earlier this month the president goes into the “final stretch with strength, resources, record & huge ground game needed to spread message and secure re-election.”