Biden Raised 70 Billion in February for US Presidential Election... Trump Struggles with Legal Fees

Biden Holds 206.6 Billion at End of February
Trump 53.3 Billion at End of January... 700 Billion Due to Legal Risks

U.S. President Joe Biden is set to face former President Donald Trump in the upcoming November presidential election, and it has been revealed that he raised over 70 billion won in campaign funds during the month of February.

On the 17th (local time), The New York Times (NYT) and The Washington Post (WP) reported that the Biden campaign and the Democratic Party raised more than $53 million (approximately 70.6 billion won) last month, holding $155 million (about 206.6 billion won) in cash.

This amount is about $25 million (approximately 33.3 billion won) more than the $130 million (about 173.3 billion won) held as of the end of January. The Biden campaign stated that the funds were raised from approximately 469,000 donors and that the amount raised after the State of the Union address on the 7th is not included. During the 24 hours of the State of the Union address, $10 million (about 1.33 billion won) was raised.

The Biden campaign and the Democratic Party are showing an advantage in fundraising compared to former President Trump and the Republican National Committee (RNC). As of the end of January, the Trump campaign reported holding about $40 million (approximately 53.3 billion won). Although the February fundraising figures have not been disclosed, it was reported that they exceeded the $22.3 million (about 29.7 billion won) raised in August last year. Additionally, more than $55 million (about 73.4 billion won) was spent on legal fees last year.

Jeffrey Katzenberg, co-chairman of the Biden campaign, said, "Holding $155 million in cash is an enormous competitive advantage," adding, "100% of the campaign funds are used for the election campaign, and we will focus investments on 6 or 7 key states that will determine the outcome of this election."

President Biden is spending huge amounts to secure re-election, including investing $30 million (about 4 billion won) in election advertisements over six weeks in key battleground states. On the 28th, he will campaign in New York City alongside former Democratic presidents Bill Clinton and Barack Obama.

Former President Trump faces not only a large gap in campaign funds compared to President Biden but also the burden of covering legal costs with his campaign funds. According to foreign media, Trump is expected to pay over $540 million (about 719.7 billion won) in fines, damages, and other legal payments by the November election, along with spending millions of dollars on litigation costs.

Trump has been criminally indicted four times on 88 charges and recently lost two civil lawsuits. To appeal a ruling requiring him to pay $83.3 million (about 111 billion won) in defamation damages to fashion columnist E. Jean Carroll, he posted a bond of $91.6 million (about 122.1 billion won), which is 110% of the damages, at the New York Manhattan District Court. Last month, a court found Trump guilty of inflating asset values for bank loans and imposed fines and late fees totaling $454 million (about 605.5 billion won).

In response, former President Trump has recently been meeting with major donors at Mar-a-Lago in Florida. According to sources, attendees included Larry Ellison, co-founder of Oracle, and sugar magnate Pepe Panjul. Although no direct donation requests were made at the dinner, it is analyzed as a long-term effort to raise campaign funds. Additionally, Trump is raising funds from supporters by selling golden sneakers decorated with the U.S. flag for $399 (about 530,000 won).

This content was produced with the assistance of AI translation services.