The 2020 presidential campaign of Joe Biden is lagging behind his top rivals in terms of fundraising and cash on hand to spend heading into the Iowa caucuses on Monday, the most recent figures indicate.
According to Federal Election Commission (FEC) data released by the former vice president’s campaign on Friday, he only has $8.9 million on hand to begin 2020 despite raising some $23.2 million in the final quarter of 2019.
Previously, Biden’s campaign has had fundraising troubles amid his practice of spending heavily for private air travel an other high-end accommodations, which are contributing to his current cash shortage, analysts said.
Meanwhile, in the final three months of last year, Sen. Bernie Sanders (I-Vt.) raised more than $34.5 million, though his campaign spent more than $50 million over the same period.
But that high expenditure rate was offset by large fundraising efforts earlier in the year.
Also, up-and-coming top-tier candidate Michael Bloomberg, the billionaire founder of the self-named media empire, has pledged to spend as much as possible to win the nomination. Reports this week indicated that his campaign, which is relying heavily on TV advertising, has burned through about $200 million.
Sen. Elizabeth Warren (D-Mass.), on the other hand, raised only $21.6 million during the fourth quarter, slightly less than Biden.