As the upcoming election season approaches, former President Donald Trump and his Republican supporters are gearing up to boost their fundraising efforts. Wealthy GOP donors are aiming to raise over $33 million at a fundraiser scheduled for next week. This event will benefit their presumptive nominee and the Republican National Committee, surpassing the impressive $26 million raised by President Biden at a recent fundraiser in New York.
The fundraiser is slated to take place on April 6 in Palm Beach, Florida. Contributions will go towards the Trump campaign and Save America PAC, which covers a significant portion of Trump's legal expenses. After that, the RNC and local state parties will also receive a portion of the funds, as outlined in an invitation obtained by CBS News.
On the other side of the political spectrum, the Biden campaign has been actively engaging in fundraising activities, further solidifying its financial edge over Trump and the RNC. Recently, President Biden participated in a high-profile event at Radio City Music Hall in Manhattan alongside former Presidents Bill Clinton and Barack Obama. This gathering was promoted as one of the most successful political fundraisers in U.S. history.
Presidential Campaign Fundraising Update
The latest financial reports show a significant difference in cash on hand between the two major presidential campaigns.
- The president's reelection campaign started March with $71 million in cash, more than double the amount from the previous month.
- On the other hand, the Biden campaign, along with the Democratic National Committee and joint fundraising committees, had a combined war chest of $155 million.
- Meanwhile, the Trump campaign, the Republican National Committee, and supporting PACs had just over $74 million in cash available at the beginning of the month.
Despite trailing in overall funds, the Trump campaign has seen a recent surge in donations, averaging over $1 million a day for the past six days. Additionally, they raised $10.6 million in online small-dollar donations last week.
Trump Fundraiser Details
Guests invited to an upcoming fundraiser for President Trump in Florida are being requested to donate between $250,000 and $814,000 per person.
Of these contributions, $6,600 will directly support the Trump campaign, while the next $5,000 will go to the Save America PAC, which is within legal limits for individual donations.
The remaining funds will be distributed to the Republican National Committee and various state parties.
A unique aspect of the fundraising committee, known as the Trump 47 Committee, is its method of diverting money to the Save America PAC. This approach could potentially see GOP donors contributing towards a portion of Trump's legal expenses, which have exceeded $10 million this year.
On the dinner invitation, Sen. Tim Scott of South Carolina, North Dakota Gov. Doug Burgum, and Vivek Ramaswamy are listed as speakers. Donors have the option to request their donation to be divided differently.
"The response to our fundraising efforts has been overwhelming, and we've raised over $33 million so far," mentioned John Paulson, a hedge fund billionaire hosting the fundraiser. "There is massive support amongst a broad spectrum of donors. The dinner is relatively small in nature, and we are almost at our cap."
The invite includes more than three dozen co-chairs for the fundraiser, such as aerospace entrepreneur Robert Bigelow; Woody Johnson, the owner of the New York Jets and former U.S. ambassador to the U.K.; casino moguls Steve Wynn and Phil Ruffin; and former Commerce Secretary Wilbur Ross.
After Trump became the presumptive GOP nominee for president earlier this month, he began fundraising alongside the RNC and swiftly reshaped the committee's leadership. He appointed Michael Whatley, the former chair of the North Carolina Republican Party, and Lara Trump, his daughter-in-law, to lead the party. Mass layoffs quickly ensued, and potential new hires have been asked whether they believe the 2020 election was stolen.
Both Chris LaCivita and James Blair, key figures in Trump's campaign, are now splitting their time between the Trump campaign and the RNC. Despite their dual roles, they will continue to hold their positions within the Trump campaign.
