Donald Trump is in a bit of a financial bind as he not only faces over $500 million in fines, but he is also losing the election fundraising battle to rivals Nikki Haley and President Joe Biden, as campaign finance reports for the month of January 2024 show.

Nikki Haley may be far behind Trump in the polls, but the former president's legal woes, from his recent courtroom defeats to his ongoing criminal cases, have been affecting his fundraising capabilities. This has resulted in a surprising statistic for the Haley campaign as the lone anti-Trump GOP candidate left has outraised him by a lot.

According to the Deccan Herald, Haley gathered $11.5 million in campaign funds for January 2024, while the former president got just $8,8 million. This may also be due to Haley beating Biden in a hypothetical head-to-head poll, while Trump lost to the incumbent president in that same poll.

The Trump campaign is also spending more money than it raised as Trump's legal fees continued to pile up. His January 2024 filings showed that while he raised around $8.8 million from donors, he spent $11.5 million, a net loss of more than $2.6 million. This net loss streak has gone on for months, which means that the Trump campaign has been burning through cash it has previously saved up very quickly.

The trump campaign still has around $30 million on hand in its coffers, though, but that may be gone quickly with its rate of spending. In comparison, the Haley campaign still has around $13 million in cash on hand, while the Biden campaign entered February with nearly $56 million in cash reserves.

Donald Trump Continues to Lag Behind Joe Biden in Fundraising as General Election Approaches

For its cash on hand, Joe Biden's campaign has $130 million across its affiliated committees, including the Biden for President Committee and the Democratic National Committee. These two committees alone contribute to $80 million in its war chest.

Meanwhile, Donald Trump continues to spend more and more money, most of it going to rallies and advertising, which cost almost $6.4 million combined, according to CBS News. However, Trump's Save America PAC also spent over $2.9 million on legal fees, with the PAC paying over $49.6 million of donor money on Trump's attorneys, legal consulting, and investigation-related fees over his 91 felony counts alone for 2023.

Donald Trump Fundraising Woes May Limit 2024 Campaign

As the Trump campaign continues its massive spending, more than it raises, it might limit what it could do as the 2024 general elections draw near.

"His endless drama and legal bills will deplete the Republican Party and bring even more electoral losses," warned Nikki Haley's communications director, Nachama Soloveichik, in a statement.

This comes as he endorsed l his daughter-in-law, Lara Trump, as a co-chair for the cash-strapped Republican National Committee, a move that has raised eyebrows all over the country.

It is currently unclear if he is allowed to use RNC funds should he get the Republican nomination for his legal bills. However, Democrats are more than happy to react to the former president's financial troubles, with Biden campaign spokesman Ammar Moussa saying, "It's been a tough couple of weeks if you are Donald Trump and also like money. The RNC had its worst fundraising year in decades, is hemorrhaging cash, and now Trump enters the general election with the weakest operation in recent history."

READ MORE: Donald Trump Facing Financial Troubles Amid Legal Defeats While Joe Biden Outraised Him

This article is owned by Latin Post.

Written by: Rick Martin

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