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That’s indeed a significant amount of money for a political campaign. It shows that the Biden campaign has effectively rallied supporters to finance their endeavors. The term “cash-on-hand” refers to the amount of money a campaign has at a given moment to spend as it sees fit. This can include things like advertising, staffing, and events. Having a ‘historic’ cash-on-hand amount suggests that the campaign has more money available to it than most or all previous campaigns, which could potentially give it an edge