The Biden campaign, the Democratic National Committee and their affiliated fundraising committees announced a staggering $364.5 million haul for August alone, which shattered monthly presidential fundraising records and underscored the momentum the campaign generated with Biden’s announcement of running mate Sen. Kamal Harris (D-Calif.) and the Democratic National Convention.
Previously, the record was $202.5 million in September 2008 by the Obama campaign, the national party and an affiliated committee, according to an analysis by the nonpartisan research group Campaign Finance Institute. (That amount equates to roughly $244 million in 2020, adjusted for inflation.)
The latest fundraising announcement comes as the campaign faces reports of financial challenges. Trump has discussed giving his campaign as much as $100 million of his personal money if necessary, according to Bloomberg News. Trump told reporters this week that he would spend “whatever it takes” if he ends up giving money to his campaign.
Trump’s campaign manager, Bill Stepien, said the campaign is confident it will have plenty of resources for November.
“The Trump campaign will have all the resources we need to spread the message of President Trump’s incredible record of achievement, on the ground and on the air, and define Joe Biden as a tool of the radical left,” Stepien said in a statement.
New federal filings show that droves of small-dollar online donors have already met their maximum contribution limits to Trump, who has raised money for his reelection campaign since he became president. Trump’s fundraising machine has long relied on these loyal online donors, who had been giving as low as $10 at a time and who have served as a steady source of donations.
But as November nears, the Federal Election Commission told the campaign that it must return many of these donors’ contributions because they already reached the $5,600 limit. The latest notice to the Trump campaign contained 855 pages worth of required refunds, with each page containing dozens of excess donations, FEC filings show.
Meanwhile, the Biden campaign still has a high ceiling of potential online donors who are far from reaching their individual limits. The most recent FEC letter to the Biden campaign, which is now beginning to pick up steam in online fundraising, had a fraction of the excessive donations flagged for the Trump campaign.
Excessive-contribution reports are sent regularly to campaigns once their filings are submitted and the FEC combs through them for potential refunds.