Official campaign finance reports or announcements from relevant campaigns

Biden's $240 Million Campaign Funds in Limbo After Dropping Out of 2024 Race

Jul 21, 2024, 09:10 PM

President Joe Biden has announced that he will not seek reelection in 2024, raising questions about the future of his campaign funds. Biden's campaign had amassed a significant war chest, including $240 million in total and $91 million in cash on hand as of the end of May. The disposition of these funds is uncertain, with potential scenarios including Vice President Kamala Harris gaining control if she becomes the nominee. Experts on campaign finance law are divided on how easily the funds can be transferred. The situation is unprecedented in modern campaign finance history, leaving many to speculate on the next steps for the Biden-Harris campaign's financial resources. Biden's abrupt exit leaves a giant pot of money up for grabs.