Trump’s money problem

Biden is winning the fund-raising battle [View in browser]( [Bloomberg]( Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up [here](. It’s becoming a money problem. In the case of Donald Trump, who likes to brag about about how rich he is, he doesn’t have anywhere [near the size of Joe Biden’s war chest](. The incumbent Democrat president is running laps around his Republican rival in a tight rematch of 2020. Fund-raising is a huge part of making it to the White House. Candidates are forced to drop out soon after the cash dries out. That’s what happened when the billionaire Koch brothers pulled the plug on Nikki Haley, Trump’s last challenger to be the Republican nominee. In many ways Trump defied conventional wisdom about US politics. In 2016, he was able to prevail over Hillary Clinton by shattering records of small-dollar donations, building a loyal base of individuals. But the hordes of MAGA supporters may not be enough in what will be the most expensive presidential election in history. The Democratic Party have three times what Trump and the Republican National Committee have. Then there are Trump’s legal bills. And while his popularity seems to grow with every new indictment (which he denounces as political persecution), it’s hitting his wallet. On Monday, the billionaire has to come up with $454 million to post bond. Beyond the public bravado, Trump is strapped for cash, and as Nancy Cook and colleagues report, he is personally calling wealthy donors to help out. Interestingly, Trump earlier this month met up with Elon Musk — on-and-off the world’s richest man, who over the years turned away from Democrats and is actively courted by the GOP. So far he’s saying he’s not donating to either. That could change. Meanwhile, the doors of Trump’s Mar-a-Lago resort in Florida have flung open for dinners with the host. In a political system where cash is king, the money gap he’s desperately trying to close should serve as a reminder to anyone already banking on Trump 2.0 not to assume he will win. —[Flavia Krause-Jackson]( Trump watches a UFC title bout on Dec. 16 in Las Vegas.​​​ Photographer: Sean M. Haffey/Getty Images Global Must Reads US Secretary of State Antony Blinken is set to meet with Prime Minister Benjamin Netanyahu today as he pushes for a deal between Israel and Hamas for a six-week cease-fire and an exchange of hostages for Palestinian prisoners, along with a substantial boost in humanitarian aid. His visit comes as Israel insists it [will invade the southern Gaza city]( of Rafah to defeat Hamas regardless of international criticism. Buildings destroyed by Israeli bombardment in Rafah on March 3. Photographer: AFP/Getty Images The Yemen-based Houthis have told China and Russia their ships can sail through the Red Sea and Gulf of Aden without being attacked, sources say. Beijing and Moscow reached [an understanding following talks]( between their diplomats in Oman and Mohammed Abdel Salam, one of the military group’s top political figures. In exchange, the two countries may provide political support to the Houthis in bodies such as the United Nations Security Council. Russia unleashed its largest missile and drone strike on Ukraine this year, causing power outages today in several regions and prompting President Volodymyr Zelenskiy to again urge Kyiv’s allies to [accelerate military aid](. Air defenses intercepted fewer than half of the 88 missiles, while most of an estimated 63 drones were taken down. “Russia’s missiles are not facing delays like military aid packages to our state,” Zelenskiy said. The Russia-friendly Slovakian Prime Minister Robert Fico could solidify his [hold on power]( in tomorrow’s presidential elections. If his ally, parliamentary speaker Peter Pellegrini, maintains his lead and wins in a runoff two weeks later, checks and balances that have kept Fico in line may disappear. The premier has already irked the European Union mainstream by saying he intends to normalize ties with Moscow. India’s opposition parties slammed Prime Minister Narendra Modi’s government for arresting a key leader over graft allegations just weeks before elections, alleging the move was a “vindictive misuse of central agencies” and an [attempt to stifle them](. Arvind Kejriwal is a top member of an alliance challenging Modi’s bid for a third straight term in office. India’s refiners have all stopped taking [Russian oil]( carried on Sovcomflot tankers due to US sanctions, further complicating a trade that has flourished since the invasion of Ukraine. Carles Puigdemont, the Catalan separatist who led a failed attempt to break away from Spain, is bidding to [make a return as regional president]( after six and a half years in exile. Mexico said it will provide jobs and a $660-dollar stipend to Venezuelans who [agree to return to their homeland]( as part of a joint effort to reduce migration. Washington Dispatch Senator Bob Menendez of New Jersey [may run for reelection]( despite facing trial on bribery charges — and a Democratic organization that will not support him. “I am hopeful my exoneration will take place this summer and allow me to pursue my candidacy as an independent Democrat in the general election,” Menendez told his state’s voters in a nine-minute video released yesterday on YouTube. He ruled out running in the Democratic primary. He pleaded not guilty to allegations of accepting gold bars, cash and a Mercedes Benz in exchange for helping three businessmen. His wife, Nadine, is also a defendant and pleaded not guilty. Federal prosecutors re-indicted them this month, adding obstruction of justice counts. The senator was accused of accepting bribes from a businessman to make public statements in favor of Qatar and acting as an unregistered agent of the Egyptian government. His support has plummeted in polls, but his plans to run as an independent could jeopardize the Democratic Party’s ability to hold both the seat and its slender Senate majority in a year in which it confronts an unfavorable election map. “I know many of you are hurt and disappointed in me with the accusations I am facing,” Menendez, a former chairman of the Foreign Relations Committee, said in the video. “All I can ask of you is to withhold judgment until justice takes place.” One thing to watch today: The House plans to vote on a $1.2 trillion spending measure to keep the government funded until the end of September. [Sign up for the Washington Edition newsletter]( for more from the US capital and watch Balance of Power at 1 and 5 p.m. ET weekdays on Bloomberg Television. Chart of the Day The politics of the synthetic opioid fentanyl are key to understanding the US presidential election in November. Americans have been traumatized by [a wave of overdose deaths]( from the substance that has become a ubiquitous street drug made by criminal gangs, often in Mexico, from cheap chemicals typically manufactured in China. Ending the scourge, voters indicate, is a high priority. And Finally South Africa’s speaker of parliament has decided to take [“special leave”]( after her house was raided this week as part of a corruption investigation. Nosiviwe Mapisa-Nqakula’s office denied reports she had been arrested, adding the African National Congress leader demanded access to all material related to the “baseless” allegations against her. The raid comes two months before elections with the ruling party at risk of losing its majority. Nosiviwe Mapisa-Nqakula. Photographer: Jeffrey Abrahams/Gallo Images/Getty Images Pop quiz (no cheating!) Which nation’s government unveiled plans to remove a loophole used by its richest people leaving the country as it attempts to drag more tax revenue out of the fleeing billionaires? Send your answers to balancepower@bloomberg.net. More from Bloomberg - Check out our [Bloomberg Investigates]( film series about untold stories and unraveled mysteries - [Bloomberg Opinion]( for a roundup of our most vital opinions on business, politics, economics, tech and more - [Next Africa](, a twice-weekly newsletter on where the continent stands now — and where it’s headed - [Economics Daily]( for what the changing landscape means for policy makers, investors and you - [Green Daily]( for the latest in climate news, zero-emission tech and green finance - Explore more newsletters at [Bloomberg.com](. 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