A high burn rate has resulted in Joe Biden having far less campaign cash than rival Elizabeth Warren.
Biden currently has $9 million in his campaign bank account compared to roughly $25.7 million for Warren.
Warren also boasts a burn rate for the quarter of 76%, the lowest of the five leading candidates in the Democratic party field.
OANN reports former U.S. Vice President Joe Biden had $9 million in his campaign bank account at the end of September, significantly less than his top rivals in the race for the 2020 Democratic presidential nomination, data released on Tuesday showed.
While Biden leads most national public opinion polls, he has struggled to raise money and is relying heavily on wealthy donors who can write five-figure checks instead of smaller donations made via the internet.
Biden dismissed that his low cash balance is going to be a problem going forward, saying that his campaign launched after several others, forcing him to catch up to his rivals.
“Our fundraising is building,” Biden told reporters in Ohio on Wednesday. “We’ve raised a lot of money online and we’ve raised money offline as well. So we feel confident we’re going to be ready.”
Biden raised $15.7 million in the third quarter, according to disclosures filed to the Federal Election Commission. That placed him fourth in fundraising for the period among the 19 candidates seeking to become the Democratic nominee to challenge Republican President Donald Trump in the November 2020 election.
Biden also spent more than he raised over the July to September quarter, resulting in a burn rate of 112%. Candidates with high burn rates – the pace at which they are spending their campaign funds – can be forced to make tough choices if they run out of cash.
U.S. Senator Elizabeth Warren, who has emerged in opinion polls as Biden’s chief rival for the nomination, has excelled at raising money online and finished September with $25.7 million in cash. Warren’s burn rate for the quarter was 76% – the lowest of the five leading Democratic candidates.
Biden pointed out that Warren – and other senators running – were able to transfer money from their old campaign accounts to get a head start.
“We did not start off by dropping $10 million from a Senate campaign, wherever that money was raised from, into a race,” he said.
This article was written by the staff of TheConservativeOpinion.com