Biden Fund-Raising Outpaces Trump, Whose Legal Bills Are Weighing Him Down

President Biden’s re-election campaign ended January with nearly $56 million on hand, extending his cash advantage over former President Donald J. Trump, whose campaign had about $30 million available at the end of the month.

That is a jump for Mr. Biden, who ended 2023 with $46 million in his campaign coffers, and a tick downward for Mr. Trump’s campaign, which had $33 million on hand at the end of the year.

Mr. Biden appears to have gained an edge in part because the Democratic Party apparatus, and its fund-raising might, have quickly unified behind him in what is expected to be the most expensive presidential race ever. Mr. Trump, even as he seeks to bring the Republican Party fully on board with his renomination, faces significant questions about the political and financial impact of his many legal troubles.

The apparent disparity in campaign cash, laid out in filings with the Federal Election Commission on Tuesday, does not tell the whole story of how the president and the man he beat in 2020 are raising and spending money as they barrel toward a likely rematch in November.

For one thing, both Mr. Trump and Mr. Biden are raising money through joint fund-raising committees, which do not have to file reports until April. These committees often transfer funds to the campaigns, to pay salaries and buy advertising time. Without those numbers, the candidates’ total financial picture is not entirely clear.

More broadly, the F.E.C. filings on Tuesday point to differences in circumstances.

Mr. Biden, the incumbent, is already raising money alongside the Democratic National Committee, a party juggernaut that can build out a field operation for his re-election bid. On Tuesday, his team reported raising a combined $42 million in