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Biden campaign says it has $242 million in war chest

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Washington — Former Vice President Joe Biden's campaign has $242 million in cash on hand, campaign manager Jen O'Malley Dillon announced on Twitter, an increase in $100 million over three months. Dillon said 97% of donations in June, when it raised $141 million, came from grassroots donors.

By comparison, President Trump's campaign raised $131 million in June, marking the second month in a row that Mr. Trump's campaign raised less than Biden's campaign. However, the Trump campaign said earlier this month that it had $295 million in the bank between the campaign and its joint fundraising committees, meaning that the Biden campaign likely still lags in terms of cash on hand.

The Biden campaign's announcement comes after a leadership shakeup in the Trump campaign. Mr. Trump announced Wednesday that his current 2020 campaign manager, Brad Parscale, would be replaced by political operative Bill Stepien. Parscale will stay on to lead digital and data strategies for the campaign, and serve as a senior adviser.

Parscale's fall came after disappointing attendance at Mr. Trump's Tulsa rally last month and as his poll numbers continue to show him losing ground to Biden. The latest CBS News Battleground Tracker poll showed Mr. Trump struggling in Arizona and Texas — reliably Republican states that he won in 2016. The survey also found Mr. Trump down by 2 points in Georgia and 6 in Florida. 

Mr. Trump has stepped up his attacks against Biden in recent weeks. In a speech at the White House on Tuesday, the president repeatedly criticized his opponent, and said in an interview with CBS News that he believed stocks would plummet if Biden was elected president.

"You will be in a depression like in 1929 if Joe Biden gets in," Mr. Trump said.

Bo Erickson and Sarah Ewall-Wice contributed to this report.

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