Combination images of President Trump and his 2020 presidential rival Joe Biden. Photo: Sarah Silbiger/Getty Images/Alex Wong/Getty Images
Joe Biden's campaign, the Democratic National Committee and joint fundraising committees raised $466 million cash on hand, the presidential candidate's team announced late Sunday.
Why it matters: President Trump's campaign raised $325 million, his campaign communications director Tim Murtaugh announced Friday. In the spring, Biden was $187 million behind Trump and the Republican National Committee.
Driving the news: Slower spending by Biden's campaign and heavy spending by Trump's in the spring and record summer fund-raising hauls that spiked after he named Sen. Kamala Harris (D-Calif.) as his running mate contributed to the turnaround, notes the New York Times, which first reported the news.
Of note: Trump filed his 2020 re-election paperwork to the Federal Election Commission on the day he was sworn into office in January 2017.
Editor's note: This article has been updated with new details throughout.
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