Shane Goldmacher and Maggie Haberman at NYT:Every incumbent president without a primary used the period immediately after his opponent secured the nomination to unload on his opponent while he was broke. It is the most vulnerable period for a challenger. Under. @parscale, Trump bungled that period and lost ground. https://t.co/IysO3xopHc— stuart stevens (@stuartpstevens) August 6, 2020
Money was supposed to have been one of the great advantages of incumbency for President Trump, much as it was for President Barack Obama in 2012 and George W. Bush in 2004. After getting outspent in 2016, Mr. Trump filed for re-election on the day of his inauguration — earlier than any other modern president — betting that the head start would deliver him a decisive financial advantage this year.
It seemed to have worked. His rival, Joseph R. Biden Jr., was relatively broke when he emerged as the presumptive Democratic nominee this spring, and Mr. Trump and the Republican National Committee had a nearly $200 million cash advantage.
Five months later, Mr. Trump’s financial supremacy has evaporated. Of the $1.1 billon his campaign and the party raised from the beginning of 2019 through July, more than $800 million has already been spent. Now some people inside the campaign are forecasting what was once unthinkable: a cash crunch with less than 60 days until the election, according to Republican officials briefed on the matter.
Brad Parscale, the former campaign manager, liked to call Mr. Trump’s re-election war machine an “unstoppable juggernaut.” But interviews with more than a dozen current and former campaign aides and Trump allies, and a review of thousands of items in federal campaign filings, show that the president’s campaign and the R.N.C. developed some profligate habits as they burned through hundreds of millions of dollars. Since Bill Stepien replaced Mr. Parscale in July, the campaign has imposed a series of belt-tightening measures that have reshaped initiatives, including hiring practices, travel and the advertising budget.How the pandemic helped Biden:
One of the reasons Mr. Biden was able to wipe away Mr. Trump’s early cash edge was that he sharply contained costs with a minimalistic campaign during the pandemic’s worst months. Trump officials derisively dismissed it as his “basement” strategy, but from that basement Mr. Biden fully embraced Zoom fund-raisers, with top donors asked to give as much as $720,000.
These virtual events typically took less than 90 minutes of the candidate’s time, could raise millions of dollars and cost almost nothing. Mr. Trump has almost entirely refused to hold such fund-raisers. Aides say he doesn’t like them.