Last month, Donald Trump and the Republican National Committee seemed to have gained a firm financial advantage over Democrats after trailing earlier this year. Following Trump’s felony conviction on May 30 and President Joe Biden’s rocky debate performance on June 27, money came pouring into his and the R.N.C.'s war chests while Democrats burned through cash. As of the end of June, the Trump campaign had nearly $45 million more cash on hand than the Biden campaign did, according to filings with the Federal Election Committee.
But following Biden’s announcement on Sunday that he was backing out of the race and endorsing Vice President Kamala Harris, a historic wave of fundraising may have tipped the scales back in Democrats’ favor.
