Democrats burning cash ahead of Iowa as Trump builds reserves
Although Sanders, Warren and Buttigieg burned through more cash than Biden, the three candidates each had millions more than the former vice president did at the end of the year
Former Democratic presidential candidate, former NBA player and former New Jersey Senator Bill Bradley talks with FOX Business about how much the Democratic candidates are spending in the 2020 election, as well as the legacy of former NBA player Kobe Bryant.
Democratic presidential candidates are heading into the first-in-the-nation Iowa caucuses on Monday on the heels of a major three-month-long spending spree that's depleted their collective war chests, as President Trump continues to stockpile reserves for his re-election bid.
Trump's campaign ended the year with nearly $103 million cash on hand, compared to the combined $64 million raised by Democratic hopefuls Bernie Sanders, Joe Biden, Elizabeth Warren, Pete Buttigieg, Amy Klobuchar and Andrew Yang, according to new Federal Election Committee filings.
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Sanders, who's emerged as the front-runner in Iowa, ended the year with the most cash on hand among Democrats. Over the course of 2019, Sanders fundraised a staggering $96 million since launching his campaign in mid-February and was consistently near the top of the 2020 pack each quarter.
In the final three months of 2019, his campaign raked in $34 million but spent almost $50 million, leaving the self-described democratic socialist with a little over $18 million in the bank. Sanders has sworn off super PAC money, instead of relying on small-dollar donations to fund his second presidential bid. He was the biggest spender among Democratic candidates, besides billionaires Tom Steyer and Michael Bloomberg.
Sanders waves as he leaves a Super Bowl watch party campaign event Sunday in Des Moines, Iowa. (AP Photo/John Locher)
Although Sanders, Warren and Buttigieg burned through more cash than Biden, the three candidates each had millions more than the former vice president did at the end of the year. Biden raised and spent about $23 million from October through December and ended the year with about $9 million in the bank. Though he initially pledged not to accept PAC money, Biden reversed course in late October amid low fundraising numbers.
SANDERS, BUTTIGIEG ARE WINNING THE 2020 CAMPAIGN FUNDRAISING RACE
Unite the Country, the super PAC that's associated with Biden, raised about $3.8 million the second half of last year.
Buttigieg, who ended the year with $14.5 million cash on hand, and Warren, who had a cash pile of roughly $13.7 million, each spent about close to $33 million in the fourth quarter. Klobuchar had $4.9 million on hand, and Yang had $3.7 million.
Buttigieg speaks at a Get Out the Caucus event at Lincoln High School in Des Moines, Iowa, Sunday. (AP Photo/Gene J. Puskar)
Fundraising doesn't necessarily show who's going to win the primary, but it's an important indication of enthusiasm for a candidate and is necessary to propel the contenders through an arduous and expensive primary process. (It's not unusual for the incumbent to out-earn the opposition — especially when the challenger's primary field is so crowded.)
The need for cash will likely only increase ahead of Super Tuesday (March 3), when voters in 14 states cast their ballots. Democratic hopefuls also have a new obstacle to face: Bloomberg, who's concentrating his unorthodox campaign on delegate-rich Super Tuesday states like California, and his unlimited funds. One of the wealthiest people in the world, Bloomberg is worth an estimated $60 billion and has vowed to use his vast personal fortune on the campaign.
In the first six weeks of his campaign, Bloomberg poured $188 million into his campaign, with most going toward blanketing the airwaves with advertisements or toward building up his operation. The payroll has since grown to 1,000 across 35 states.