Former Vice President Joe Biden is starting 2020 with less money on hand than his top Democratic presidential rivals as the Iowa Caucuses are only days away.
According to Federal Election Commission (FEC) filings released on late Friday, Jan. 31, Biden started this year with $8.9 million of cash on hand, the same amount he had at the third quarter of 2019.
Biden’s cash is considerably less than the amounts of his three fellow top-tier contenders, according to The Hill.
Sen. Bernie Sanders (I-Vt.) started 2020 with $18.2 million cash on hand, Sen. Elizabeth Warren (D-Mass.) with around $13.7 million, and former South Bend, Indiana, Mayor Pete Buttigieg’s campaign with $14.5 million cash on hand.
The FEC released the data as the Democratic candidates are heading into the early nominating contests on Monday. A number of polls show Biden and Sanders neck and neck ahead of the Iowa Caucuses.
Data shows that between Oct. 1 and Dec. 31, 2019—the end of the fourth-quarter FEC deadline, Biden’s campaign spent nearly $23.3 million, a little more than it raised. Meanwhile, Sanders raised more than $34.5 million, but spent more than $50 million in the same period. Warren also raised $21.6 million, but spent $33.6 million during the fourth quarter.
Though Biden started this year with the lowest cash on hand among top-tier contenders, his campaign manager Greg Schultz assured supporters in a memo on Saturday that the campaign had the resources to successfully compete in the contests.
“The month of January will be the campaign’s strongest month of fundraising since launch, with the vast majority of our growth coming through digital grass-roots donations. Elections ultimately are not about money, they’re about having the right message and vision for the country. But you have to have the resources to compete, which we unequivocally do,” Schultz wrote.