Is Donald Trump's campaign in danger as Joe Biden breaks record?

As US President Joe Biden has raised record-breaking funds for his political campaign ahead of the November elections, the White House bid of Republican candidate Donald Trump appears to be in danger as the Democrat seemingly has a monetary lead on his rival.

Biden Thursday hosted a lavish fundraiser in the presence of his predecessors Barack Obama and Bill Clinton at Radio City Music Hall in Manhattan raising more than $26 million, according to CNN.

The 81-year-old currently has an advantage of cash to spend more on his campaign in the critical states.

The event did not go unnoticed by Trump, calling the entertainment industry guests "deranged Hollywood liberals".

Trump’s campaign believed that the extravagant event showed the Democrat dependence on the rich people whereas the Republicans' support base is of working-class people.

During the speeches, it was emphasised how the November presidential elections were crucial for American history with Senate Majority Leader and Senator from New York Chuck Schumer saying that the audience must do whatever they could to ensure the "dishonest, chaotic, ineffective regime of Donald Trump" did not return.

Former president Trump has been facing a cash crunch amid his troubles including four criminal indictments with a considerable amount being spent on legal fees.

Last week, the 77-year-old faced a deadline to submit a whopping $464 million bond in a civil fraud case however, on Monday, the appeals court reduced the amount to $175 million.

Responding to the speculations of being out of cash, Donald Trump wrote on his social media platform Truth Social that he has nearly $500 million to support his campaign.

Recently, Biden declared to have $155m cash on hand whereas Trump’s and his campaign committees have $74m.