Biden, Trump campaigns both raise millions after debate

By Robert Schroeder

The campaigns of President Joe Biden and former President Donald Trump said Friday they had each raised millions of dollars around their first debate Thursday evening, as concern was rising that Biden's performance would drain his war chest.

The Biden campaign said it had raised $14 million "on debate day and the morning after" the debate.

Trump, meanwhile, raised about $8 million on Thursday night.

Markets began to price in an increased likelihood that Trump will defeat Biden after Thursday's debate in which the current president reinforced rather than dispelled concerns about his age, as MarketWatch reported.

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In the near term, Biden's performance could have a negative impact on his campaign coffers, wrote 22V Research analysts Kim Wallace and Sandra Namoos.

"Last night's performance will likely drain Biden campaign resources, including funds and surrogate support, diminishing the usual advantages of incumbency," they wrote. "These resources will be difficult to replenish."

A clearer picture of each campaign's finances will emerge after Sunday, when the current fundraising quarter closes.

Trump on Thursday night countered Biden's criticisms by leaning into falsehoods about the economy, illegal immigration and his role in the Jan. 6, 2021, Capitol insurrection.

In May, Trump's campaign outraised Biden's by more than $60 million, according to federal filings that detailed the Republican fundraising explosion sparked by Trump's felony convictions.

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The Associated Press contributed

-Robert Schroeder

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06-28-24 1347ET

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