Yahoo Finance’s Jessica Smith joins Kristin Myers to break down the latest fundraising numbers for President Trump and presumptive Democratic nominee Joe Biden.

Video Transcript

KRISTIN MYERS: We now have the new fundraising totals for July. Biden had been on a tear, actually, topping the president when it came to those fundraising totals. Well, that trend seems to have been stopped now.

So for more on this, we're joined by Yahoo Finance's Jessica Smith. Hey, Jess.

JESSICA SMITH: Hey, Kristin. Yeah, the RNC and the Trump campaign announced their joint fundraising committees brought in $165 million for the month of July. The campaign says that's a record month for the president, and more than they raised in any month in 2016.

Now Trump's July haul does beat Biden. And as you mentioned, Biden and the DNC, they brought in more than $140 million last month. Biden and the DNC ended the month with $295 million on hand. That's a few million dollars fewer more than $300 million that Trump and the RNC reported to have on hand.

Now this cycle, President Trump has had the advantage with the cash on hand. But now, it does look like the Biden campaign is closing that gap. They're on more even footing when it comes to the money that they do have on hand going into the last three months of the election.

But the Trump team is highlighting the massive amount of money that they have brought in over the cycle. It's $1.1 billion for the cycle. The RNC chairwoman put out a statement saying with 90 days until victory, our teams and supporters are in overdrive, working to re-elect President Trump and Republicans up and down the ballot.

So this money is going to allow both campaigns to really buy those ads as we get into the final months before the election.