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    Susquehanna Raises Penn Entertainment Inc. (PENN) Price Target. – Yahoo Finance

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Donald Trump’s Massive Legal Bills Are Nearly Bankrupting His Major PAC

April 22, 2024
in General
Donald Trump’s Massive Legal Bills Are Nearly Bankrupting His Major PAC
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Former President Donald Trump’s sprawling criminal cases are draining the coffers of Save America, his leadership PAC, limiting the amount it can spend on his re-election campaign.

According to a report filed with the Federal Election Commission on Saturday, Save America spent nearly $3.7 million on Trump’s legal fees in March—just about the same amount as the presumptive GOP nominee’s official campaign committee spent on his re-election bid during the same time period. The legal spending accounted for nearly three-quarters of the money the PAC collected that month, CNN reported.

Slightly under one-third of the $3.7 million went to Blanche Law and NechelesLaw LLP, the two law firms representing the former president in his hush money trial in New York, where opening statements are expected to get underway on Monday after jury selection wrapped up last week.

In addition to the hush-money cases, Trump faces three other criminal cases that have yet to go to trial as well as a nine-figure judgment in a civil case.

Overall, Save America has spent nearly $60 million on Trump’s legal cases since the beginning of last year, Politico reported.

In order to remain solvent, the leadership PAC has been taking refunds from a Trump super PAC called MAGA Inc., which Save America helped bankroll with a $60 million cash infusion. MAGA Inc. has sent Save America $5 million refunds every month for nearly a year, though that source of cash is drying up: the super PAC has already given over $57 million back to the leadership PAC, and won’t be able to contribute more refunds once it reaches the $60 million mark.

The FEC filing comes as Joe Biden’s campaign is far out-raising and out-spending its GOP counterpart. The president’s campaign spent nearly $30 million in March—including $22 million on an advertising spree—and still ended the month with $85 million in cash on hand, nearly double Trump’s $44 million.

As the general election campaign heats up, both candidates have been looking to boost their war chests with high-profile fundraisers. In late March, the Biden campaign raked in $26 million at a star-studded soiree at Radio City Music Hall New York, in which the president appeared alongside Barack Obama and Bill Clinton, while an early April Trump event in Florida netted him over $50 million, a significant boost that will be reflected in a future campaign finance filing.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : VanityFair – https://www.vanityfair.com/news/story/donald-trump-massive-legal-bills-nearly-bankrupting-his-major-pac

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