Summary: President Joe Biden’s re-election team and the Democratic Party announced that they raised $71 million in the latest quarter, indicating concerns over Biden’s age and low approval ratings among donors. The fundraising performance is similar to the previous quarter despite the shorter April-to-June period. The campaign plans to utilize the funds for hiring staff, organizing in competitive states, and launching advertising campaigns. The focus on grassroots fundraising is crucial as small-dollar donations played a significant role in Biden’s successful 2020 campaign.
President Joe Biden’s 2024 re-election team and the Democratic Party announced on Sunday that they raised $71 million during the latest quarter. This fundraising achievement comes as concerns about Biden’s age and low approval ratings persist among donors.
The $71 million raised is comparable to the $72 million collected in the prior quarter, although the April-to-June period was 25 days shorter due to Biden’s late campaign launch. It is worth noting that the July-to-September period, more than a year before the election, is typically sluggish for fundraising.
At the end of September, the Democratic re-election effort had a total of $91 million in cash spread across several fundraising entities affiliated with the party. The campaign, which is headquartered in Biden’s hometown of Wilmington, Delaware, plans to allocate the funds towards hiring staff, organizing in competitive states, and launching advertising campaigns.
Despite doubts about his age, 80-year-old Biden decided to seek another four-year term. However, polls indicate concerns regarding the president’s age and decreasing enthusiasm among Democratic voters. To combat these challenges, the campaign intends to expand its operation and build out a team capable of countering the likely rival in the 2024 election, former President Donald Trump.
When comparing fundraising figures with Republican counterparts, it is essential to consider that Biden’s campaign includes party accounts controlled by his allies. Republicans are still in the process of selecting a nominee and allocating campaign funds for their internal competition.
Biden’s campaign, along with other candidates, is required to submit more detailed financial records to the Federal Election Commission later on Sunday. Earlier this month, former President Trump reported raising over $45.5 million in the July-to-September quarter, while his closest rival, Florida Governor Ron DeSantis, raised $15 million during the same period. Biden’s approval ratings currently stand at a near-lowest level of 40% according to a recent Reuters/Ipsos poll.
The Biden campaign has faced the challenge of balancing the demands of a campaign with a busy period in Washington. This includes dealing with a threatened government shutdown, a leaderless House of Representatives, an auto worker strike, natural disasters, international conflicts, and tensions with China. Despite the demanding schedule, the campaign has organized 75 fundraisers since its launch, with approximately a third of the funds raised coming from small-dollar grassroots donations. Small-dollar donors were a key factor in Biden’s record-breaking $1 billion haul in 2020.
Tags: Joe Biden, 2024 election, fundraising, Democratic Party, campaign finance