'War of Money' Biden Holds Financial Advantage in Final US Presidential Race... Secures Three Times More Than Trump

Joe Biden, the Democratic presidential candidate of the United States, and President Donald Trump
[Image source=Reuters Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] Ahead of the U.S. presidential election on the 3rd of next month (local time), it has been revealed that the Democratic presidential candidate Joe Biden's campaign has secured three times more funds than President Donald Trump's campaign and is conducting electioneering activities.

On the 20th (local time), Bloomberg News confirmed the reports submitted to the Federal Election Commission (FEC), showing that as of the end of last month, Biden's campaign held $177.3 million (approximately 200.7 billion KRW) in bank accounts. In contrast, Trump's campaign spent about half of its funds last month, leaving only $63.1 million remaining.

According to the report, Biden's campaign raised $281.6 million through fundraising last month and spent $285 million, which is twice the amount spent by Trump's campaign. Trump's campaign raised $83.1 million and spent $139.3 million last month. When combining the funds raised by the Republican National Committee and the Democratic National Committee, Biden's and Trump's campaigns raised $247.8 million and $383 million respectively last month.

On the 16th, Biden stated at a campaign event that fundraising from September until the election is expected to reach $234 million. If this estimate holds true, Biden and the Democratic National Committee will have raised $982 million in the final three months before the election, surpassing the $942 million raised during Barack Obama's 2008 presidential campaign, Bloomberg reported.

As recently as April, Biden's campaign funds amounted to only $98 million, less than half of Trump's $255 million.

Bloomberg noted, "The surplus funds will be used by Biden to dominate broadcast airtime in the final stages of the election," reporting that Biden's campaign plans to air $162 million worth of TV advertisements from the 1st of this month until election day. Trump's campaign has decided to invest $79 million in TV ads during the same period.