WARCHEST

Trump Raises More Than $88M for 2020 Re-Election Campaign

A huge head start over challengers.

President Trump has already amassed $88 million for his 2020 re-election campaign, according to financial reports, handing him a huge early advantage over any prospective Democratic challengers. Trump’s campaign committee, combined with two joint committees formed with the Republican Party, ended June with $53.6 million in the bank, according to finance reports filed Sunday evening with the Federal Election Commission. The reports also showed the largest single donation in the second quarter came from Andrew Beal, a Texas-based banker who once squared off against Trump in a bankruptcy case—and who donated $339,000 to Trump Victory. The committee also received $169,500 from real-estate developer Stanley Chera, who partnered with the company owned by the family of Jared Kushner on a $1 billion deal to sell the retail space at 666 Fifth Ave. in Manhattan. The financial reports also reveal the three committees spent nearly $1.2 million on legal fees in the second quarter, bringing their total legal spending to more than $8.6 million since the beginning of 2017.