قالب وردپرس درنا توس
Home / US Business / The Biden Campaign Has Less Than Two Weeks to Spend $ 180 Million – Here's What It Will Do

The Biden Campaign Has Less Than Two Weeks to Spend $ 180 Million – Here's What It Will Do



Our mission to help you navigate the new standard is run by subscribers. To get unlimited access to our journalism, subscribe today.

The presidential election is less than two weeks away, but both President Donald Trump and former Vice President Joe Biden are not slowing down the fundraising. The infrastructure is in place, and Americans still feel the weight of the seemingly incessant donation requests via email, phone calls, text messages and even a controversial fundraiser in California that caused a rift between members of the Beach Boys.

For Trump, these last moments make sense. His campaign has been patched three times by Biden & # 39; s in terms of cash, which puts him at a serious financial disadvantage and potentially unable to flash the swing state's airwaves with ads or fill mailboxes with flyers. The Biden campaign ended September with a cool $ 1

80.6 million in the bank, while Trump's coffers were particularly lighter with only $ 61.3 million.

The Trump campaign insisted that it had enough to keep the lights on until election day, but acknowledged that it had less money to work with.

"The Trump campaign has all the resources we need to enter the home of this election," said spokeswoman Samantha Zager. "As Hillary Clinton proved when she used us 2 to 1 in 2016, no amount of money can buy the presidency. Voters must be enthusiastic about voting for a candidate, and that only happens for President Trump. "

In the meantime, Biden will probably end the campaign with a positive balance. But that does not mean that his staff will slow down with expenses. In the third quarter of 2020, the campaign committee spent Trumps around $ 110 million, and it is expected that things will only increase.

The vast majority of this, if spending patterns continue, will go towards TV and radio advertising followed by digital advertising (Facebook, YouTube, web banners) in a matter of seconds. Some of these purchases are bigger than others: a 60-second ad told by actor Sam Elliott during the World Series and $ 4 million in TV ads in what is now purple Texas. He has also been able to buy ads in 17 battlefield states, although only six of these states are considered tough competitions.

Lack of travel expenses due to COVID-19 restrictions placed on the campaign has made it possible to spend money on ideas outside the box: The campaign rented a $ 250,000 Amtrak train for a six-city trip through the country .

Sources close to the campaign say that the goal is to spend every single dollar and end up with nothing left over when it closes the store, but at that point it seems like a pointless task.

What happens to the remaining cash? A campaign is not exactly over when it's over: Staff are closing things down, closing offices, filing and filing paperwork. Promotions can continue to pay rent and salaries. They must also repay any outstanding credit card bills or loans. Sometimes candidates will continue to raise money even after they drop out of the race to pay these outstanding fees (Rudy Giuliani's campaign was in debt for years after the presidential election).

But once the bills are paid and the campaign office keys are turned on, there may still be some money left in the coffers. What?

They can launch the re-election campaign and transfer the remaining funds to it. As long as all debts are paid, the Federal Electoral Commission (FEC) allows candidates to move funds between authorized committees as long as they are for the same person. The 2024 bid can be raised a few million dollars before it is officially launched. They can also use the money to create a "management PAC" to support their political agenda.

But this election is not just about the top seat. The Senate and Congress are also about to be arrested, and there are a number of important races with a vote. There is no limit set by the FEC for how much campaign money a candidate can donate to national, state or local party committees. Biden could give the Democratic National Committee some of his excess cash. His campaign can also give directly to state and local candidates and up to $ 2,000 to each federal candidate.

Finally, there is the charity option. The Biden Cancer Initiative has stopped operating while running for election, but legally his campaign will be allowed to donate the excess money to one or another charity.

More from Fortunes special report on what business needs from the 2020 election :

  • What voters need from the 2020 election: Common ground
  • What business needs from the 2020 election
  • What Wall Street needs from the 2020 election
  • What unemployed Americans need from the 2020 election
  • What small business owners need from the 2020 election
  • What restaurants need from the 2020 election
  • What unions need from the 2020 election
  • What Silicon Valley needs from the 2020 election
  • What unbanked Americans need from the 2020 election
  • What low-wage workers need from the 2020 election
  • What do parents need from 2020- the election
  • What the health service needs from the 2020 election

Source link