While Democratic Party nominee for the 2020 presidential election, Joe Biden, has been a leader in the polls for quite some time now, the campaign of incumbent Donald Trump – as of July 2020 – still had deeper pockets. This has changed now as the Biden campaign has spectacularly zoomed past Trump. Looking at Biden's fundraising success by mid-October, the Democratic challenger might be looking at collecting $1 billion this election cycle.
According to the Federal Election Commission, Trump’s campaign had collected only around $600 million in the same time frame. and had spent almost $302 million.
While Trump has spent 94 percent of his funds by mid-October, that number was only 83 percent for Biden. According to Bloomberg, the Trump campaign has pulled ads in crucial Sun Belt states for lack of funds, prompting the RNC to run ads with money considered "outside spending" instead.