Biden’s Campaign Went Through 93% of Money It Raised in June
- Heavy spending preceded debate that led to calls to quit race
- Trump and Republicans preserving cash for the fall campaign
Joe Biden during a campaign event in Madison, Wisconsin, on July 5.
Photographer: Mustafa Hussain/BloombergThis article is for subscribers only.
Before his Sunday announcement that he was leaving the presidential race, Joe Biden’s beleaguered campaign entered July with $96 million cash on hand, after a spending spree last month that depleted about 93% of the money it raised in June.
Biden’s spending included a $50 million ad blitz ahead of his disastrous June 27 debate performance, which fractured the Democratic Party and prompted the relentless pressure that led him to drop out. His burn rate far outpaced that of his rival, former President Donald Trump, whose campaign spent just 46% of the money it raised in June and entered the final 127 days of the 2024 race with $128 million in the bank.