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Fears, concerns among Republicans as Trump's campaign finances drop

Donald Trump (Rep.) and Joe Biden (Dem.) are the main two likely nominees for the upcoming US presidential election scheduled for November 2024. (File photo)

A drop in former US President Donald Trump's campaign finances has stirred apprehension among the Republicans ahead of the November presidential elections.

Trump fell further behind President Joe Biden last month in fundraising after spending more money on ads and expenses than it received from donors, according to financial disclosures filed on Tuesday.

Trump’s campaign reported to the Federal Election Commission (FEC) that its cash holdings fell to just over $30mn at the close of last month as the Republican hopeful waged successful campaigns for Republican primary contests in Iowa and New Hampshire, down from around $33mn a month earlier.

Trump's campaign said it had raised $8.8mn in January; however, it spent more than $11 million.

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Former South Carolina Governor, Nikki Haley, outraised Trump last month by taking in more than $11mn. She is Trump's only remaining rival for the Republican nomination and Trump is expected to best her in her home state's Republican primary on Saturday.

Biden, the Democratic Party's most likely nominee for the November election, separately reported to the FEC that his campaign ended January with $56mn, showing $10mn more than December’s $46mn in cash.

Meanwhile, Trump and Biden are running neck-and-neck in many national public opinion polls. Both Trump and Biden have low approval ratings due to the dire economic, political, and military conditions facing Americans. However, experts expect a close race in the November presidential election.

The biggest Trump fundraiser, known as MAGA Inc., reported raising $7mn last month, enough to offset the $5mn refund it issued to a separate Trump political action committee (PAC) that is paying the candidate's legal expenses as he battles dozens of criminal charges.

The Trump group that received the money, Save America, reported spending close to $3mn on legal expenses during the month, adding to the more than $47mn it spent last year on legal expenses.

Most of MAGA Inc.'s fundraising in January came from a $5mn contribution from Timothy Mellon, heir to the Mellon banking fortune, who is also funding a super PAC backing independent presidential candidate Robert F. Kennedy Jr.

By comparison, the SFA Fund Inc., a super PAC supporting Haley's campaign, reported taking in $12mn, including contributions of more than $2mn following her loss to Trump in the Jan. 24 New Hampshire primary.

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