Donald Trump is scrambling to catch up on President Joe Biden’s massive fundraising advantage with just eight months until the election.
The Republican National Committee has just $40 million in the bank, compared to the $130 million the Democratic operations had last month.
The massive funding gap is steadily widening as Democrats open their wallets to support Biden’s campaign to retain the White House.
Democrats raised more than $10 million in the 24 hours after last Thursday’s State of the Union, far more than Trump’s biggest day, where he raised $4.2 million after his mugshot in the Georgia election fraud case was released .
Donald Trump is trying to raise money as the Republican National Committee only has $40 million in the bank
Joe Biden has $130 million to work with so far and is raising money much faster
In addition, the Service Employees International Union planned to spend $200 million to convince the American working class to vote for Biden and other Democrats.
Trump is trying to close the gap by bringing in as many wealthy donors as possible and entertaining at Mar-a-Lago three nights a week. The New York Times reported.
Oracle founder Larry Ellison and sugar magnate Pepe Fanjul are among those who have dined and dined at the Palm Beach, Florida, resort in recent months.
Mar-a-Lago will also host an expensive dinner early next month to launch a new joint fundraising account, which it hopes will raise at least $25 million.
Trump has also taken steps to promote his donors and supporters and make them feel important at his campaign events.
Last week on Super Tuesday, a special area was set up for major donors to mingle at Mar-a-Lago and Trump stopped by to thank them.
Among them was Trish Duggan, a Florida philanthropist who gave Trump’s campaign more than $5 million.
Trump previously thanked billionaire casino owner Steve Wynn and hedge fund manager John Paulson in his victory speech before the New Hampshire primary.
He then put New York Jets owner Woody Johnson, whom he made ambassador to Britain during his presidential term, on stage with him after the South Carolina election.
Trump put New York Jets owner Woody Johnson, whom he made ambassador to Britain during his presidential term, on stage with him after the South Carolina poll
Johnson is joined by Donald Trump at a New York Jets Kickoff Luncheon
In another sign that he wants to ramp up fundraising, Trump and his allies staged a coup to take over the RNC, appointing his daughter-in-law Lara as co-chair.
About 60 employees were fired or had to reapply for these jobs in a bloodbath days after Lara Trump was unanimously elected on March 8.
In their struggle to attract new wealthy donors, Trump’s team is asking those who have already pledged seven-figure sums to increase their contributions to more than $10 million, according to the New York Times.
“He (Trump) understands that the only advantage the Biden campaign has is its financial resources… and he understands that we have to do everything we can to nullify that,” Republican lobbyist Brian Ballard said.
A big part of the problem is that donors fear their money will be siphoned off to pay for Trump’s mounting legal bills and court rulings.
The former president was ordered to post $91.6 million in bail after being found liable for defaming writer E. Jean Carroll while his appeal is pending.
He also faces a deadline to seek $450 million bail in the New York civil fraud case against his companies, after losing in court last week.
Trump’s massive legal bills continue to rise from both these cases and his 91 criminal charges in several cases — which were slightly reduced after a judge on Wednesday overturned several cases of election fraud in Georgia.
He has used his Save America PAC to pay legal fees, but that fund is almost empty and he will soon have to find other ways to pay his bills.
Trump’s advisers insisted that RNC funds would not be used to pay for his personal expenses, but his PACs are another matter.
Many potential donors are also hesitant to contribute after receiving backlash for their support of the controversial candidate in 2016.
Trump met with billionaire TikTok investor Jeff Yass and Tesla and Twitter owner Elon Musk, but neither is known to have donated.
“To be clear, I am not donating money to either candidate for the U.S. presidency,” Musk wrote on Twitter on March 6.
Trump greets supporters at one of several fundraisers at his Mar-a-Lago resort
Donald Trump attends a Hawaiian-themed fundraiser accompanied by Eric and Lara Trump. The fundraiser benefits Curetivity and is presented by Dr. Peter Lamelas
Longtime Republican financier Ken Griffin is also holding out after endorsing Trump’s defeated opponent Nikki Haley, but could donate in the future.
“Can I be sad for a moment because Nikki isn’t participating in the race?” he said this week at a conference in Florida.
A person close to Yass told the NYT that he plans to make a seven-figure donation, but did not say where the money would go.
Donors who don’t want their names associated with Trump can give money to more shadowy organizations that don’t have to disclose their contributors.
Although Trump worries about the funding gap, his allies ultimately believe they will come up with enough to win the election.
“Hillary Clinton far outpaced President Trump, but he connected with the American people and that was right there,” former RNC co-chair Tommy Hicks Jr. told the NYT.