President Joe Biden and former President Donald Trump are already raising tens of millions of dollars for their rematch in November, but one candidate has a clear advantage in terms of fundraising.

New filings made public Wednesday show Biden and the Democratic National Committee outraising Trump and the Republican National Committee by a large margin.

Combined, Biden and the DNC ended February with $97.5 million in the bank, more than double the $44.8 million banked by Trump and the RNC. 

What You Need To Know

  • New campaign finance reports show President Joe Biden and the DNC outraising former President Donald Trump and the RNC by a large margin

  • The reports were filed on Wednesday to show where each campaign stands financially as of the end of February

  • The Biden campaign is aggressively fundraising and launching a Spring ad buy following the president’s State of the Union address

  • The Trump campaign is juggling the former president’s growing legal bills with fundraising for his reelection bid

These numbers do not include money collected by joint fundraising committees associated with each campaign, which will be reported in April.

Wednesday’s reports showed the Biden campaign raised $21.3 million in February, while the Trump campaign raised $10.9 million. The DNC reported raising $16.6 million in February while the RNC said it raised $10.7 million.

Andrew Arenge, a political scientist at the University of Pennsylvania, said Trump’s low cash reserves are notable, but not surprising since he faced primary challengers for months and is only now shifting his focus to November's general election.

“At least at this point, they haven’t quite made the pivot where they are courting swing voters, I guess you can say, right?” Arenge said.

Trump is also facing growing financial strain from his legal troubles. His “Save America” Leadership PAC reported spending almost $6 million on legal bills in February alone. At the same time, Trump is trying to secure funding for an almost $500 million bond to cover the massive judgment against him in his New York civil fraud case.

Meanwhile, Biden’s campaign continues to rake in the money. It raised $10 million in the 24 hours after his State of the Union address two weeks ago.

Since then, Biden has been to nearly all of the battleground states; and he spent Wednesday and Thursday raising money in Texas. His robust fundraising has enabled his campaign to launch a $30 million Spring ad buy.

“For them to be able to maintain this level of engagement and this level of advertising, it’s going to take a lot of resources,” Arenge said.

In Kansas this week, Biden supporters told Spectrum News why they are backing him.

“I am a diabetic and with Biden and his policies regarding health care and getting some of those med prices down, that helps the middle class,” said Ella Everette.

At a Trump rally in Georgia earlier this month, Spectrum News heard from supporters who want the former president back in office.

“We were living much better lives when he was president,” said Amy Johnson.

This general election will be one of the longest in U.S. history, underscoring the need for Biden and Trump to maximize their fundraising to keep their campaigns going.