Trump's Legal Defense Funds Expected to Deplete by Summer, Report Claims

Trump Faces Mounting Pressures Amidst Escalating Legal Battles

by Zain ul Abedin
Trump's Legal Defense Funds Expected to Deplete by Summer, Report Claims
© Scott Olson/Getty Images

Former President Donald Trump is facing a potential financial crisis as his legal defense funds are expected to be depleted by this summer, according to a Bloomberg report. While battling four criminal cases, Trump's substantial legal expenses have rapidly drained his resources.

Notably, this week, a New York judge ordered Trump to pay a hefty sum of $355 million in a civil fraud case, further exacerbating his financial strain. In 2023, Trump's legal expenditures amounted to a staggering $51.2 million, leaving him with only $23.5 million in reserve for attorney fees.

This remaining amount is predicted to run dry around July. With dwindling funds, Trump faces the daunting task of finding alternative means to finance his legal battles. One possible avenue is seeking financial support from the Republican National Committee (RNC).

However, this comes at a less than opportune time, given the party's financial constraints. Nikki Haley, a rival for the GOP presidential nomination, expressed concerns about the RNC potentially becoming a fund for Trump's legal issues.

"I don't want the RNC to become his legal defense fund or his piggy bank for personal court cases," Haley remarked on CNN. She highlighted that Trump has already allocated $50 million in campaign contributions towards his personal legal affairs.

Trump's Financial Strain Intensifies

Another option for Trump is to solicit more funds from small donors for his "Save America" leadership political action committee (PAC), as reported by Bloomberg. This PAC, which caps donations at $5,000, already contributes to some of Trump's legal expenses.

However, Trump's legal challenges are intensifying as the presidential election approaches. Last year, Trump claimed to have $400 million in cash. Still, recent legal setbacks, including a $355 million penalty in a New York civil fraud case and a $83.3 million payout to E.

Jean Carroll for defamation, might deplete these funds. Trump might even consider selling assets, such as one of his properties, to cover costs, as his former lawyer Michael Cohen suggested on MSNBC. Amid these financial and legal difficulties, Trump made an unexpected appearance at "Sneaker Con" in Philadelphia to launch a new line of $399 gold high-top sneakers named "Never Surrender High-Tops." The website for the sneakers emphasizes that the product is apolitical and unrelated to any political campaign.