Trump tops Biden as both tout large July fundraising hauls

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President Trump’s re-election campaign says that it and the Republican National Committee (RNC) and their joint fundraising committees combined brought in an eye-popping $165 million in contributions last month.

The Wednesday evening statement from the Trump campaign also touted that they now have more than $300 million cash on hand as of the end of July.

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The combined Trump campaign/RNC haul is a record and is up more than $30 million from the $131 million they raised in June. Their war chest total appears to be a slight increase from the $295 million they had in their campaign coffers at the end of June. The campaign spotlighted that July was their largest online fundraising month ever.

“The enthusiasm behind President Trump’s re-election continues to grow as July’s massive fundraising totals prove,” Trump re-election campaign manager Bill Stepien emphasized. “Voters express their support for President Trump in many different ways and donating to his campaign is one of the most personal, because they feel invested in his successes and the future success of the country.”

The announcement from Trump’s re-election team came soon after Democratic challenger Joe Biden’s presidential campaign reported that it and the Democratic National Committee (DNC) and their joint fundraising committees combined hauled in $140 million in last month.

The former vice president’s campaign also touted that they now have a hefty $294 million in cash on hand as of the end of July, an increase of $50 million in their coffers over the past month.

The $140 million brought in during July is roughly equal to the $141 million the Biden campaign and the DNC raised in June, which was by far the campaign’s best monthly figure to date.

The Biden campaign and the DNC had narrowly outraised the Trump campaign and the RNC in both May and June.

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The Biden campaign – spotlighting its grassroots appeal - said that 97% of contributions in July were from grassroots donors and that the average online contribution was $34.77.

“The Biden campaign is on the march, building off the incredible momentum from this summer with another lights-out fundraising month, banking another $50 million for the final stretch to election day,” campaign manager Jen O’Malley Dillion said in a statement.

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The president’s been raising money for his re-election bid since entering the White House three and a half years ago. And the re-election effort’s hauled in an unprecedented $1.1 billion the past two years.

The former vice president – who declared his candidacy in April of last year - struggled to bring in cash for much of his campaign. He raised just $8.9 million in January and $18 million in February. But he saw his fundraising spike starting in March, as he became the clear frontrunner for the Democratic nomination and much of the party coalesced around his White House bid. Biden become the presumptive Democratic presidential nominee in April, as his last remaining primary rival – Sen. Bernie Sanders of Vermont  - dropped out of the race and backed the former vice president.

The Biden campaign surge in fundraising the past couple of months has helped it narrow the Trump campaign’s once-massive cash on hand advantage. And it’s allowed the Biden campaign in recent weeks to match the Trump campaign in ad spending in the key general election battleground states.

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Earlier Wednesday, the Biden campaign announced it would spend $280 million to run TV and digital commercials in 15 competitive states from Labor Day to Election Day.

Fox News' Kristina Biddle and Madeliene Rivera contributed to this report