Donald Trump Finds Himself Financially Hamstrung

A lack of funds could hamper Donald Trump's effort to get reelected to the White House in 2024, with recently filed figures showing that the Republican National Committee (RNC) has less than half the funds as its Democratic counterpart, while the former president's Save America political action committee has spent millions on legal fees.

The RNC figures, recently disclosed to the Federal Election Committee (FEC), showed the body had just $9.96 million in its war chest as of November 30, lower than at the same point in any year since 2016 and dramatically below the $63.23 million it had in November 2019. By contrast, the Democratic National Committee reported having $20.5 million available as America heads into a crunch election year.

In a further blow to his 2024 campaign finances FEC filings from Trump's Save America PAC, analyzed by the Associated Press in October, found it had paid just under $37 million to law firms and attorneys since January 2022, accounting for more than half its total expenditure over the period.

Trump is currently facing multiple criminal and civil cases that could hamper his bid for a second presidential term. However a leading political scientist told Newsweek the Trump campaign and affiliated PACs should see a surge in donations if the former president wins the Republican nomination.

Trump has been indicted in four criminal cases, relating to claims he orchestrated they payment of hush money to a pornographic actress, mishandled classified documents and broke the law attempting to overturn the 2020 presidential election result both nationwide and in the state of Georgia. The former president, and 2024 Republican front-runner, has pleaded not guilty to all charges and insists the cases against him are politically motivated.

Separately, Trump has been locked in a number of costly civil legal battles. Trump and The Trump Organization are accused of overvaluing their properties by more than $2 billion to secure more favorable bank loans and tax deals. Judge Arthur Engoron found Trump liable for civil fraud in September, though the case is ongoing and damages have yet to be awarded. Trump has strongly denied any wrongdoing and suggested that in some cases he actually undervalued his assets.

One of those called to testify in Trump's defense was New York University accounting professor Eli Bartov, who said he was paid $877,500 for his time, with money coming from The Trump Organization and the Save America PAC.

Trump is also being sued for additional damages by E. Jean Carroll, whom a New York jury concluded had been sexually assaulted at a Manhattan apartment store by Trump in the 1990s, then defamed after she went public with the allegation. In May, Trump was ordered to pay $5 million in compensation to Carroll and is being sued for an additional $10 million by the New York writer in a separate defamation case.

However, Thomas Gift, a political scientist who leads the Centre on U.S. Politics at King's College London, argued that Trump can expect his fundraising to improve if he secures the GOP's 2024 presidential nomination.

"Money follows winners, and money is power inside [and outside] the Beltway," Gift told Newsweek. "While there are some 'principled' donors out there who might not back Trump in the general election, the vast majority will come crawling back when push comes to shove. 'Deregulation,' 'lower taxes' and 'laissez-faire economics' is all Wall Street will need to hear to dip deep into pockets."

Newsweek has reached out to Trump's campaign by email for comment.