KEY POINTS

  • After an ineffectual ad blitz, Trump's campaign finds itself on the back foot when it comes to fundraising and spending
  • Trump replaced his campaign manager in July, and has since looked to cut costs
  • He is now considering spending up to $100 million in personal funds, an unprecedented step for an incumbent president 

President Donald Trump is considering contributing as much as $100 million of his own money to prop up his campaign, multiple sources told Bloomberg.

The move would follow heavy spending in May and June with little impact as Trump’s popularity dropped during the pandemic and racial unrest erupted across the country. Trump personally spent $66 million on his 2016 bid, Bloomberg reported.

Although the Trump campaign says it has raised twice as much as it did in 2016 from outside sources, Democratic presidential nominee Joe Biden’s campaign is pulling ahead in the fundraising derby.

Donald Trump said he would hit US firms that create jobs overseas instead of at home, while warning China it would be held to account for its role in the spread of coronavirus
Donald Trump said he would hit US firms that create jobs overseas instead of at home, while warning China it would be held to account for its role in the spread of coronavirus AFP / MANDEL NGAN

Trump's campaign has spent $800 million overall, twice as much as Biden's. The fundraising gap, however, seems to be closing. Biden’s campaign raised $365 million in August, shattering the $193 million record set by Barack Obama.

Trump’s campaign has not released its figures for the same period but said the Republican National Convention raised $76 million.

The numbers on cash reserves for both campaigns have Biden now trailing Trump by just $6 million.

Advertising Analytics reported the Trump campaign spent $40 million in May and June compared to $4.9 million by the Biden campaign on television ads. A swarm of Trump ads in key states like Wisconsin and Florida seems to have had little impact, leading to the replacement of Brad Parscale with Bill Stepien as Trump’s campaign manager. Stepien has since sought to reign in spending and cut costs.

Trump pulled most of his television ads this week, allowing Biden an uncontested field, the Associated Press reported. The Biden campaign outspent the competition 10-to-1.

Trump brushed aside the claims, saying he spent so much on ads to counter "fake news" related to the coronavirus.

"President Trump’s fundraising is breaking records and we are paying close attention to the budget, allowing us to invest twice as much from now until Election Day than we did in 2016. ... President Trump has also built the world’s greatest digital fundraising operation," Trump spokesperson Tim Murtaugh told Bloomberg.

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