Joe Biden takes part in a conversation with former US President Barack Obama and late-night talk-show host Jimmy Kimmel during a star-studded campaign fundraiser at the Peacock Theater in Los Angeles. / Reuters/Kevin Lamarque

(Reuters) - Republican presidential candidate Donald Trump's campaign raised $331 million in the second quarter, it said on July.2, topping the $264 million President Joe Biden's campaign and its Democratic allies raised in the same period.

Biden's total, which covers April through June, included $127 million raised in June and a record fundraising haul among small-dollar donors on the day of Biden's widely panned debate against Trump, Biden's campaign said.

The president's reelection effort has $240 million in cash on hand, the campaign said.

The Trump campaign said it added another $111.8 million in June and has $284.9 million in cash on hand.

Biden's team is eager to show fundraising strength after the president's debate performance, which prompted calls from some Democrats for him to step aside as the party's presidential candidate.

Biden aides held difficult phone calls on the last weekend with important campaign financiers who questioned whether the 81-year-old Democrat should stay in the race.

June.27 was the best day of fundraising from "small-dollar" or "grassroots" donors to the campaign, followed by June.28, when concern about the debate was causing waves of panic through Democratic circles, the Biden campaign said.

"Our Q2 fundraising haul is a testament to the committed and growing base of supporters standing firmly behind the President and Vice President and clear evidence that our voters understand the choice in this election between President Biden fighting for the American people and Donald Trump fighting for himself as a convicted felon," Biden campaign manager Julie Chavez Rodriguez said in a statement.

In the second quarter, 95 percent of donations were under $200, a point the campaign underscored to portray broad support from average Americans instead of heavy reliance on wealthy donors.

The total fundraising figures include donations to the Biden campaign, the Democratic National Committee and joint fundraising committees.

Biden's reelection effort said it was spending the money on more than 200 campaign offices and more than 1,000 staff in political battleground states whose allegiance swings between the parties and which Biden needs to prevail over Trump in November's election.

Trump's campaign said its fundraising operation continues to thrive alongside growing voter enthusiasm for the Republican candidate.

"This fundraising momentum is likely to grow even more as we head into a world-class convention and see the Democrats continue their circular firing squad in the aftermath of Biden's debate collapse," Trump campaign advisers Chris LaCivita and Susie Wiles said in a statement.