Former President Donald Trump has raised more money than incumbent President Joe Biden in the second quarter and has more cash on hand for his campaign.

Trump raised $331 million during the second quarter, while Biden raised $264 million. The Trump campaign reported that they have nearly $285 million on hand in comparison to the $240 million on hand reported by the Biden campaign. Biden had previously boasted more money on hand than the Trump campaign had.

In a statement by Trump campaign officials, Chris LaCivita and Susie Wiles, they celebrated this win, writing, “Winning this quarter brought us a cash-on-hand advantage.” The statement continued, stating that “Biden’s burn rate that grows while yielding no tangible results for them.”

Trump had raised more money than Biden in April and May, which marked Trump’s first wins in terms of money raised per month. Biden won in June, with the Democrats raising $127 million and Trump and the Republicans raising $112 million.

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The Biden campaign has made numerous investments in both paid media and offices in key battleground states.

This loss for the Biden campaign comes as the president is under heavy criticism following a shaky debate performance last week at the presidential debate. This is expected to increase Democratic concern regarding Biden as a candidate, as many Democrats have called for the president to step down and allow a different candidate to run. The Biden campaign has also received calls from party members, lawmakers and the media calling for him to end his reelection campaign.

Following the debate, the Biden campaign reported raising $38 million, and Trump reported gaining $8 million on the day of the debate.

Biden is aiming to reassure his donors that he can beat his political opponent.

Trump’s large haul is partially attributed to the spike in fundraising he gained following his conviction of 34 felony charges, as the former president raised $52.8 million in the day following his verdict.

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