Presumptive Democratic nominee Joe Biden and the Democratic National Committee raised more money than President Donald Trump and the Republican National Committee for the first time, a sign Biden may be able to limit Trump’s financial advantages as the election heads into its final months.

Trump’s campaign raised $74 million in May, his campaign announced Saturday morning. Biden, who maintains a sizable lead in public polling, announced earlier this week he raised $80.8 million last month.

But while the Trump campaign said it still has $265 million on hand, the Biden campaign hasn’t revealed how much it has in the bank. The sum is likely to be much smaller. Both campaigns will be required to reveal full details of their fundraising in reports to the Federal Election Commission that are due on Saturday.

“President Trump’s consistent leadership and unprecedented actions during this challenging time has undoubtedly resonated with the American people,” Republican National Committee Chair Ronna McDaniel said. “Support across the country continues to pour in, helping us to build an unparalleled operation that will deliver victories up and down the ballot in November.”

Biden’s deputy campaign manager Rufus Gifford poured cold water on RNC communications about the month’s record haul.

“Hilarious that you would claim a ‘record for the month’ of May when you get outraised in that very same month,” Gifford wrote on Twitter.

Hilarious that you would claim a “record for the month” of May when you get outraised in that very same month. 😂 pic.twitter.com/2YjzDSwPoN

— Rufus Gifford (@rufusgifford) June 20, 2020

For months, Trump has been able to take advantage of joint fundraising committees with the RNC and state Republican parties, allowing donors to give up to $620,000 to a candidate. May was the first full month where Biden was able to take advantage of similar arrangements.

The Trump campaign has long counted on its money advantage, hoping it would be able to combine a barrage of television advertising with a large field operation to overpower the Democratic Party. But while Trump and his allies have increased their advertising buys in recent weeks, there is little evidence it is damaging Biden’s reputation with voters.

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