Biden campaign warns of cash shortfall, urges backers to 'pick up the pace': report

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Biden defends campaign funds as his cash on hand lags behind rivals

Joe Biden has $8.98 million cash on hand compared to Sen. Bernie Sanders' $33.7 million.

Former Vice President Joe Biden’s presidential campaign sent a fundraising email this week, claiming it hasn't raised as much money as its competitors after spending more than expected in the third quarter, according to a report.

Third-quarter filings with the Federal Election Commission (FEC) show Biden has just $9 million in cash on hand, less than half of what both of his top competitors for the 2020 Democratic nomination -- Sens. Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt. -- reported, according to The Hill.

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“I hate to say it, but our opponents are way ahead of us when it comes to money in the bank,” a campaign fundraising email for Biden said. “If we don’t pick up the pace here, we might have to make budget cuts that could seriously hurt our momentum in this primary.”

Less cash on hand means the campaign will struggle to respond to “twists and turns of this race — and with Donald Trump constantly pushing his false smear campaign against Joe, that’s a HUGE problem,” the letter says.

The letter closes with an appeal, according to The Hill.

“We can’t afford to fall behind, so I’m asking you to step up now and make a donation to fuel our campaign."

Democratic operative Michael Ceraso said Biden's cash flow could dry up "as the primary enters the homestretch, which may prevent the VP from competing and challenging his opponents in Super Tuesday states and beyond."

Biden is spending money at a greater rate than the amount he raised, with a burn rate of 112 percent. Warren’s burn rate - the pace at which candidates are spending their campaign cash – was a much more modest 76 percent.

The 76-year-old former vice president started off as a solid frontrunner in the polls, but more recent surveys have shown Warren either catching up or surpassing him.

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FEC filings show Warren has $25.7 million in cash on hand and Sanders has  $33.7 million.

Fox News' Joshua Nelson contributed to this report.