Republican presidential nominee Donald Trump last month forgave more than $47 million in loans he made to his own campaign committee, according to a report filed Wednesday to the Federal Election Commission.
The move finalizes a decision to pay for much of his primary battle with his own money but also underlies his struggle to catch up to Hillary Clinton in the fundraising wars. Trump first announced his plans to forgive the loan last month.
The Trump campaign raised roughly $27 million in contributions in the month of June, including $2 million from Trump’s personal funds and $2.2 million transferred from joint fundraising accounts.
The Trump campaign had $20.2 million in the bank as of June 30, less than half the amount the Clinton campaign reported ($44 million) as the two opponents enter the home-stretch of the 2016 election.
Trump’s selection of Indiana Gov. Mike Pence as a running mate was designed to build bridges to Republican donors who have either avoided supporting Trump or actively opposed him.
His lack of money throughout the campaign has led him to run a fairly spartan operation, visible in the latest report: He’s spent $71 million through the end of June and Clinton has spent $230 million.