According to sources, Trump campaign officials are sounding the alarm over the president’s early fund-raising hauls. Trump’s son Don Jr. has privately warned donors that Trump only raised around $30 million in the last quarter, and pointed out that the number fell far short of the roughly $45 million Barack Obama raised in the second quarter of 2011 for his 2012 re-election bid, according to a source briefed on the conversations (A source close to Don Jr. disputed this). “They need more money, and there’s no enthusiasm. They need to amp it up,” a Trump donor told me. “Wall Street never liked Trump from the beginning. Goldman is filled with people who were Obama fund-raisers,” another Trump donor told me. In 2016, Trump raised only about $351 million. Mitt Romney’s 2012 campaign took in $483 million.

Sources say the anemic fund-raising is being driven by several factors. The biggest is Trump himself. Trump’s shambolic governing style and endless tweeting are exhausting donors. “There’s Trump fatigue,” the longtime Republican donor told me. “The 2020 bumper sticker should be: ‘Same Policies, but We Promise Less Crazy.’” Then there’s Trump’s difficult re-election pathway. According to a source, some donors aren’t stepping up because Trump’s numbers in must-win states like Pennsylvania, Michigan, and Wisconsin continue to disappoint.