Politico reports:

Joe Biden’s campaign planned to bury Donald Trump in an avalanche of cash.

Instead, his allies are bracing for a slugfest without the benefit of a fatter wallet, as financial reports showed Trump outraising Biden in back-to-back months, hauling in huge sums after his 34 felony convictions and erasing Biden’s longstanding financial edge.

Democrats in recent days largely downplayed Trump’s new financial lead in the same way Trump’s allies had when Biden was running ahead in the money race — saying the president would have enough money to compete.

But privately, several Democratic strategists and donors were reeling.

“There was the strategy of raising all this money on the front end so we could have this huge edge,” said one Biden bundler, granted anonymity to speak candidly. “The whole point of it was to come out with a sizable cash advantage and, you know, we’re now even and it’s June. … I have no other word for it other than ‘depression’ among Biden supporters.”

Another major Biden bundler, also granted anonymity, called the development “disappointing, but not surprising.” [Continue reading…]