(Bloomberg) — Former President Donald Trump saw a drop of contributions from the army of donors who’ve combined to give tens of millions of dollars to his political operation in the wake of his loss in the 2020 election.
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During the financial reporting period, six televised hearings of the House committee investigating the assault on the US Capitol took place. The session considered most damaging to Trump, featuring testimony from Cassidy Hutchinson, a former White House aide, unfolded on June 28, too late to have a significant effect on Trump’s haul.
The former president’s Save America Joint Fundraising Committee took in $17 million in the second quarter, down from the $19 million it raised in the previous three months, according to its latest filing with the Federal Election Commission. Small-dollar donors, those giving less than $200, accounted for 36% of the total.
It’s his lowest quarterly haul since the period from October to December 2018, when his presidential small-dollar committee took in $14 million during the midterm elections, in which the Democrats won back the House of Representatives.
While Trump continues to enjoy strong support in the Republican Party, he’s also a political lightning rod. He faces ongoing scrutiny over his role in events surrounding the Capitol attack on Jan. 6, 2021. At the same time, he has sought to bolster his kingmaker status and inflamed intra-party battles by endorsing dozens of candidates who profess loyalty to him in primary races across the country.
He has often suggested that he might run for president again in 2024, but polls have shown that at least some Republicans would prefer another candidate.
Trump reaches his donors through frequent email and text pitches for cash that tout upcoming rallies, hawk merchandise and criticize his political opponents. The subjects of his messages include praise for the Supreme Court’s ruling that overturned the Roe v. Wade decision and mockery of the Jan. 6 committee and its inquiry.
After the panel’s first public session on June 9, televised in prime time, Trump emailed an appeal to his supporters labeling the proceeding “Another Partisan Witch hunt” — along with a request for a contribution.
With this year’s midterm elections nearing, candidates for Congress and other races have intensified the competition for GOP donors. Republicans are favored to take control of the narrowly divided House as the president’s party historically loses seats in elections held during their first terms.
The joint fundraising committee ended June with $7.5 million cash on hand, which it will have to distribute to Trump’s leadership political action committees, Save America and Make America Great Again, the successor to Trump’s presidential campaign. Save America ended May with $101 million in the bank, and received an additional $5.6 million from the joint fundraising committee in June.
Trump has wide latitude on how he spends the money raised. The federal law that bars candidates from spending campaign money on personal expenses doesn’t apply to money raised for a PAC. He has used his war chest to hold rallies, donate to candidates and fund organizations that promote his agenda.
But Trump can’t use it for another presidential run. If he does become a candidate, Save America would be limited to giving his campaign just $5,000 for the primaries. A new Trump presidential effort would have to start raising money from scratch.
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