Fri. May 24th, 2024

Trump will likely run out of legal defense funds by summer, report says<!-- wp:html --><p>Former US President and 2024 presidential hopeful Donald Trump speaks during a campaign event in Waterloo, Iowa, on December 19, 2023.</p> <p class="copyright">KAMIL KRZACZYNSKI</p> <p>Donald Trump will likely run out of legal defense funds by summer, Bloomberg reported.The former president faces substantial legal fees as he fights four criminal cases.Earlier this week, a New York judge ordered Trump to pay $355 million in a civil fraud case ruling.</p> <p>Former President Donald Trump will likely run out of legal defense funds this summer, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-02-14/donald-trump-on-pace-to-drain-legal-funds-by-july" rel="noopener">Bloomberg</a> reported.</p> <p>In 2023, Trump spent $51.2 million on legal costs and has a further $23.5 million available for lawyers' fees — but that source of money will likely dry up around July, the report said.</p> <p>The ex-president may now be forced to turn to a few undesirable options to cover his costs.</p> <p>Nikki Haley.</p> <p class="copyright">Tasos Katopodis/Getty Images</p> <p>One option for Trump is getting the <a target="_blank" href="https://www.businessinsider.com/nikki-haley-trump-rnc-legal-fees-piggy-bank-trials-election-2024-2" rel="noopener">Republican National Committee (RNC) to help pay for his defense</a>.</p> <p>While it wouldn't be the ideal time to ask the cash-strapped party for money, that's what his GOP presidential nomination rival Nikki Haley recently speculated he might do.</p> <p>"My biggest issue is I don't want the RNC to become his legal defense fund. I don't want the RNC to become his piggy bank for his personal court cases," she said on CNN.</p> <p>"We've already seen him spend $50 million worth of campaign contributions toward his personal court cases," she added.</p> <p>The ex-president could also look to take more money from small donors for his "Save America" leadership political action committee (PAC), per Bloomberg.</p> <p>The PAC, which allows a maximum donation of $5,000, is already helping fund some of Trump's legal cases, the report said.</p> <p>But the leading Republican candidate is also facing huge legal penalties as the run in to the presidential election ramps up.</p> <p>Even with Trump's claim last year that he had <a target="_blank" href="https://www.businessinsider.com/trumps-wealth-rich-bragging-court-damage-verdicts-2024-2" rel="noopener">$400 million in cash at his disposal</a>, he was slapped with a $355 million penalty in a civil fraud case by New York Justice Arthur Engoron earlier this week.</p> <p>Add to that his $83.3 million payout to E. Jean Carroll for defamation and any accrued interest, and that money could all be gone.</p> <p>It's also possible that Trump will have to sell off assets such as one of his properties to cover his costs.</p> <p>"What else is he supposed to do at this point?" Trump's former lawyer Michael Cohen said on <a target="_blank" href="https://www.msnbc.com/ali-velshi/watch/michael-cohen-on-trump-s-avalanche-of-legal-penalties-he-will-have-to-liquidate-his-assets-204415557637" rel="noopener">MSNBC</a>.</p> <p>Trump at "Sneaker Con" on Saturday.</p> <p class="copyright">AP Photo/Manuel Balce Ceneta</p> <p>As his financial and legal woes mount, Trump made a surprise appearance at "Sneaker Con" in Philadelphia on Saturday.</p> <p>He appeared at the event to launch a new line of $399 gold high-top <a target="_blank" href="https://www.businessinsider.com/sneaker-resller-trouble-struggles-nike-yeezy-2023-1" rel="noopener">sneakers</a>, called the "Never Surrender High-Tops."</p> <p>The website selling the sneakers says it "is not political and has nothing to do with any political campaign."</p> <div class="read-original">Read the original article on <a href="https://www.businessinsider.com/donald-trump-likely-run-out-legal-funds-summer-report-politics-2024-2">Business Insider</a></div><!-- /wp:html -->

Former US President and 2024 presidential hopeful Donald Trump speaks during a campaign event in Waterloo, Iowa, on December 19, 2023.

Donald Trump will likely run out of legal defense funds by summer, Bloomberg reported.The former president faces substantial legal fees as he fights four criminal cases.Earlier this week, a New York judge ordered Trump to pay $355 million in a civil fraud case ruling.

Former President Donald Trump will likely run out of legal defense funds this summer, Bloomberg reported.

In 2023, Trump spent $51.2 million on legal costs and has a further $23.5 million available for lawyers’ fees — but that source of money will likely dry up around July, the report said.

The ex-president may now be forced to turn to a few undesirable options to cover his costs.

Nikki Haley.

One option for Trump is getting the Republican National Committee (RNC) to help pay for his defense.

While it wouldn’t be the ideal time to ask the cash-strapped party for money, that’s what his GOP presidential nomination rival Nikki Haley recently speculated he might do.

“My biggest issue is I don’t want the RNC to become his legal defense fund. I don’t want the RNC to become his piggy bank for his personal court cases,” she said on CNN.

“We’ve already seen him spend $50 million worth of campaign contributions toward his personal court cases,” she added.

The ex-president could also look to take more money from small donors for his “Save America” leadership political action committee (PAC), per Bloomberg.

The PAC, which allows a maximum donation of $5,000, is already helping fund some of Trump’s legal cases, the report said.

But the leading Republican candidate is also facing huge legal penalties as the run in to the presidential election ramps up.

Even with Trump’s claim last year that he had $400 million in cash at his disposal, he was slapped with a $355 million penalty in a civil fraud case by New York Justice Arthur Engoron earlier this week.

Add to that his $83.3 million payout to E. Jean Carroll for defamation and any accrued interest, and that money could all be gone.

It’s also possible that Trump will have to sell off assets such as one of his properties to cover his costs.

“What else is he supposed to do at this point?” Trump’s former lawyer Michael Cohen said on MSNBC.

Trump at “Sneaker Con” on Saturday.

As his financial and legal woes mount, Trump made a surprise appearance at “Sneaker Con” in Philadelphia on Saturday.

He appeared at the event to launch a new line of $399 gold high-top sneakers, called the “Never Surrender High-Tops.”

The website selling the sneakers says it “is not political and has nothing to do with any political campaign.”

Read the original article on Business Insider

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