While matching the money is great, it’s all about how they spend it. So far, the Democrats are more effective with their resources hiring professional GOTV staffs in key states. The Republicans are running a 2016 campaign.

“There was the strategy of raising all this money on the front end so we could have this huge edge,” said one Biden bundler, granted anonymity to speak candidly. “The whole point of it was to come out with a sizable cash advantage and, you know, we’re now even and it’s June. … I have no other word for it other than ‘depression’ among Biden supporters.”

 

Another major Biden bundler, also granted anonymity, called the development “disappointing, but not surprising.”

In the 2024 money race, not only was Trump out-raising Biden, but he also had more cash on hand. And Republican megadonors, too, rolled out enormous checks for Trump in recent days, including $50 million from longtime GOP donor Timothy Mellon to a pro-Trump super PAC.

 

Several Biden donors insisted that they expected — and planned — for Trump to close the gap after he clinched the Republican nomination, comparing it to when Mitt Romney caught up to then-President Barack Obama in fundraising over the summer of 2012. Part of the disparity between the campaigns was that Biden was spending more heavily, building “out an unbelievable campaign structure in battleground states,” while “Trump has done nothing,” said Chip Forrester, co-chair of the Biden-Harris Southern finance committee.

 

“That early money counted because it allowed for Biden to build out all of these offices, which have been cranking along, and that’s not something Trump can catch up on,” said Alan Kessler, a Pennsylvania-based donor. “Trump can’t get back February, March, April and May, when the Biden campaign was getting boots on the ground.”

 

The Trump campaign, for its part, has described its in-state infrastructure as “leaner,” relying far more heavily on outside groups to execute it.