President Joe Biden took a humorous jab at former President Donald Trump for his struggles to obtain a bond to appeal a New York civil court judgment worth $454 million.
The incident stems from a previous ruling in February, where Trump was ordered to pay a significant fine of $355 million for business fraud.
The penalty, with interest, now totals over $454 million. However, Trump's attempt to appeal the decision faces a major hurdle — the need to pay the full amount as a bond, which has proven to be a challenging task.
Trump's legal team described the situation as "practically impossible," with companies declining to act as sureties for the bond.
President Biden seized the opportunity to playfully comment on Trump's financial woes during a campaign fundraiser in Dallas, Tex. According to sources, an attendee approached the president to discuss his heavy debts, which led to laughter among the audience of approximately 100 people.
"Just the other day this defeated looking man came up to me and said: 'Mr. President I need your help. I'm in crushing debt. I'm completely wiped out,'" the president said, mocking his political opponent. "Donald, I'm sorry. I can't help you."
In addition to teasing Trump, President Biden also targeted Texas Senator Ted Cruz, expressing his desire for support in securing a second term and winning the state's Senate election for the Democratic party.
The 81-year-old joked, "Ted Cruz joins another loser, Donald Trump."
President Biden also addressed various political matters, including his opposition to a Senate bill focused on immigration and aid to allies like Ukraine. Despite Biden's endorsement, House Speaker Mike Johnson rejected the proposal, indicating its unviability in the House.
During his time in Dallas, President Biden also participated in two fundraising events, successfully raising over $2.5 million for his re-election campaign.
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As for the next steps in this legal saga, the ex-Commander in Chief faces a crucial deadline to produce the bond amount, failing which his assets could be seized by New York Attorney General Letitia James.
Trump's attorneys argued in the fraud case filing that a "bond requirement of this enormous magnitude effectively requiring cash reserves approaching $1 billion … is unprecedented for a private company."
James' office responded on Wednesday, March 20, by citing cases that had a larger bond and argued that the bond could be secured through multiple security groups.
