In March, Donald Trump reportedly exhausted $4.9 million (€4.6 million) on lawyer costs, leaving a meagre $6.8 million in the bank accounts he’s been utilising for funding his lawyers. This was revealed in campaign finance documents and indicates Trump is nearing a financial bind given his escalating trial expenses. As the criminal defendant in a Manhattan trial, Trump must identify alternative cash sources to alleviate his court battle charges. He may opt to amass additional funds from contributors, request the Republican National Committee to shoulder the costs, or dip into his personal coffers. Be it as it may, the RNC has declared they will not foot Trump’s legal invoices.
To date, Trump has been financing his lawyers via Save America, a divertive political action committee (PAC) capable of accepting donations from political contributors. Notably, the role of Save America has been significant – it has allocated over $62 million to legal costs since January 2023. As of the conclusion of March, Save America had approximately $4 million in cash reserves. They could also solicit a $2.8 million refund from Trump’s friendly super-PAC, accrued from contributions made by Save America in 2022.
In terms of precedents, Trump’s legal predicaments set him apart from previous presidential candidates. He has already been held accountable in three distinct trials for sexual misconduct, slander, and financial fraud related to his asset declarations. Moreover, he faces four impending prosecutions, two of which accuse him of plotting to reverse the 2020 presidential election outcome. His initial criminal trial, centered on charges of manipulating business records to disguise a silence payment made to an adult film actress prior to the 2016 election, commenced the previous week.
Following his naming as the Republican candidate, Trump has made attempts to reduce the financial lead held by President Joe Biden and the Democratic Party. As of March-end, Biden and the Democrats held a joint $192 million fund, twice the size of Trump’s war chest. Regardless, Trump’s continuous legal challenges persist to deplete his financial resources.
In the recent trial held for the previous US President Donald Trump, his situation was likened to a nightmare because he couldn’t control the unfolding events. According to the recent filings from the Federal Election Commission, Trump’s supporting super-PAC, MAGA Inc, had an influx of $14 million, out of which, $6.3 million was spent. However, due to campaign financing rules, it was not possible for this group to cover Trump’s legal expenses directly.
Significant donors to Maga included Linda McMahon, the leader of the Small Business Administration during Trump’s initial two years in office, who contributed $5 million. Robert Bigelow, a well-established name in the real estate and aerospace industry, pitched in with $4.2 million. Additionally, a New Jersey-based PAC of the International Brotherhood Electrical Workers union made a $50,000 contribution to the super-PAC.