Biden’s money margin widens, Trump’s lawyer bills pile up, and more takeaways from latest financial reports

(CNN) — Donald Trump’s campaign saw a jump in donations in February but failed to match the rapid pace of fundraising set by Joe Biden, whose political operation had already extended a significant financial lead over his Republican rival entering March and the general election race, the new Show campaign expense filings

February financial reports filed Wednesday also underscored the continued high costs of Trump’s legal woes: Legal fees alone exceeded the money Trump’s leadership political action committee received last month.

Meanwhile, Robert Kennedy Jr., whose independent bid for the White House is facing increasing scrutiny and criticism from Democrats, is preparing big bills as allied super PACs push heavily to help him reach voters and get on the ballot in more states. spends

Here are some key takeaways from the campaign finance statements for the month of February.

Biden accelerates

The new financial filings, which cover only a portion of the committees associated with each presidential contender, continue to show Biden’s early fundraising dominance.

The president carried $71 million in cash into his main campaign account at the end of February, more than double the $33.5 million the Trump campaign had in cash reserves. Biden widened the gap from late January when his campaign had about $56 million in available funds compared to Trump’s roughly $30.5 million.

The filing also shows that the Democratic National Committee carried more than twice as much cash as its Republican counterpart in February, bolstering the Democrats’ financial advantage over the political operation that Trump is now working to build with the Republican National Party. The party’s potential presidential candidate.

Some groups tied to the presidential contenders won’t release their balance sheets to federal regulators until next month, but the totals released by the two candidates’ campaigns as of late February highlight the disparity between them.

Trump’s campaign and fundraising committee raised a combined $20.3 million in February and entered this month with a combined $41.9 million in cash on hand, a Trump campaign official told CNN.

That amount is behind the $53 million Biden and Democrats previously announced they raised in February and the massive $155 million the president’s team said he raised with his affiliated committees.

Faced with his campaign’s fundraising crisis, Trump took a more direct approach to donors, including meeting with contributors at his Mar-a-Lago club in Florida. According to an invitation obtained by CNN, the former president is expected to be the keynote speaker at a big-ticket fundraising event in Palm Beach next month, where top contributors can dine at his table.

Trump’s PAC continues to push legislative bills

Wednesday’s financial filing also underscored the financial burden of Trump’s ongoing legal woes.

The Save America leadership PAC, which Trump used as a vehicle to help cover legal fees incurred by him and his allies, spent about $5.6 million on attorney bills in February.

Those expenses exceeded Save America’s total receipts, most of which came in the form of $5 million in refunds the PAC received from Mega Inc., a Trump-aligned super PAC. In total, Save America has recovered more than US$52 million from super PACs. , diverting resources from the account intended to help Trump’s presidential bid pay his mounting legal bills.

Save America is soon on track to finish the $60 million refund it previously requested from MAGA Inc.

Trump faces 88 criminal charges in four jurisdictions and is also fighting for a half-billion-dollar bail to appeal his civil fraud conviction in New York.

A joint fundraising deal recently signed by the Trump campaign with national and state Republican parties would set aside a portion of the money raised to benefit Save America, a potential way to boost the leadership PAC’s dwindling balance.

The hotelier donated US$5 million to Trump’s super PAC

MAGA Inc., a Trump-aligned super PAC, received $12.7 million in February, boosted by a $5 million contribution from Nevada-based hotelier and space entrepreneur Robert Bigelow.

Bigelow, who previously backed the campaign of Florida Gov. Ron DeSantis, a former Trump opponent, is among several wealthy Republican donors expected to attend a high-profile fundraiser next month to benefit Trump and the Republican Party.

Other contributors to Trump’s super PAC last month include former Georgia Sen. Kelly Loeffler and businessman James Liautaud.

Kennedy-affiliated super PACs ramp up spending

Kennedy-aligned super PACs increased their spending in February, allocating resources to advertising and ballot access efforts, new reports show.

American Values ​​2024, the main super PAC supporting Kennedy’s campaign, reported that it spent about $8.8 million last month, a sharp increase from the $1.4 million it spent in January. Biggest spend in February: More than $6 million to CBS for a high-profile and controversial Super Bowl ad modeled after a 1960s presidential campaign ad by the candidate’s late uncle.

The group also reported spending about $950,000 on ballot access efforts as Kennedy seeks to gain a foothold on presidential candidates in the fall.

American Values ​​2024 reported raising $4.2 million last month, with $4 million coming from fellow mega-donor Gavin de Becker.

Baker, a private security company executive, previously donated $10 million to the super PAC and was paid $9.65 million in what super PAC officials previously described as “bridge financing.”

Super PAC officials did not immediately respond to CNN inquiries Wednesday about DeBaker’s $4 million donation in February. His company has also been a major supplier to the Kennedy campaign.

Earlier this month, the DNC filed a complaint against the super PAC, alleging that the group did not adequately disclose De Becker’s activities, such as loans and loan repayments. American Values ​​2024 reported no further contribution returns in February.

Meanwhile, Kennedy’s main campaign committee raised $3.2 million and spent about $2.9 million last month. It began March with about $5.1 million in cash and owed De Becker’s company more than $1.3 million for security services and travel expenses.