Wealthy Democrats step up to help Biden cut into Trump's cash advantage - CNN

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Biden's campaign announced Thursday that his fundraising operation had $242 million remaining in its war chest, cutting into the financial advantage Trump's reelection campaign long has enjoyed.

Trump's aides previously announced that the President's campaign and aligned political committees had $295 million cash on hand.

It's the latest sign of Biden's financial momentum as the presidential contest barrels toward Election Day, now less than four months away. Biden and his party outraised Trump and the Republican National Committee in both May and June -- a rare feat for a White House challenger.

On Twitter, Biden campaign manager Jen O'Malley Dillon said the Democrat's dent in Trump's cash-on-hand advantage came "thanks to the power of our grassroots donors."

But new filings this week also underscore the influence of deep-pocketed donors who have helped pump tens of millions of dollars into the joint fundraising committees Biden established with the Democratic Party after clinching the nomination.

They range from Hollywood figures such as producer Jeffrey Katzenberg to billionaire financier George Soros and Meg Whitman, who once ran for California governor as a Republican. Their donations each exceeded $500,000, the filings show.

Other bold-faced donors to the Biden Victory Fund included: James Murdoch, the son of media mogul Rupert Murdoch, and his wife, Kathryn, whose combined donations topped $1.2 million.

Director Steven Spielberg and wife Kate Capshaw gave $250,000 apiece.

The joint fundraising agreement among Biden's campaign, the Democratic National Committee and more than a dozen state parties allows Team Biden to pull in checks that exceed $600,000 from a single donor.

The Biden Victory Fund brought in $86.4 million during the quarter, exceeding the $27.1 million raised by the Trump Victory Fund, campaign reports filed Wednesday show.

Large donors to the Trump committee included Kelcy Warren, a Dallas energy executive who hosted a Trump fundraiser at his home last month and Bernard Marcus, co-founder of the Home Depot.

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Wealthy Democrats step up to help Biden cut into Trump's cash advantage - CNN
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