The Biden 2024 Reelection and Allies Secure $71 Million in Latest Quarterly Fundraising

By Oct 20, 2023
Biden 2024 Reelection Campaign

Biden 2024 Reelection Campaign

Biden 2024 Reelection Campaign – WASHINGTON (Reuters) – President Joe Biden’s bid for a 2024 reelection, along with support from his party, proudly announced on Sunday that they successfully amassed $71 million during the most recent quarter.

This substantial fundraising achievement took place against the backdrop of growing concerns regarding the President’s age and a decline in his approval ratings among many donors.

This monetary sum is strikingly similar to the $72 million raised in the previous quarter by Biden and the Democratic Party, even though the April-to-June period was 25 days shorter due to Biden’s late April campaign launch.

It’s worth noting that the July-to-September period, which precedes the election by more than a year, traditionally sees a slowdown in fundraising efforts.

The Democratic reelection initiative, encompassing several affiliated fundraising entities, now possesses $91 million in cash reserves as of the end of September.

Biden, at the age of 80, has been grappling with concerns about his age since deciding to seek another four-year term in 2024. Polls have shown increasing apprehension about his age and diminishing enthusiasm among Democratic voters.

Biden’s campaign, headquartered in his hometown of Wilmington, Delaware, has outlined plans to utilize the funds raised thus far to recruit staff, mobilize efforts in competitive states, and launch advertising campaigns.

The campaign is expected to embark on a hiring spree in the coming weeks and before year-end to establish an operation aimed at countering their anticipated rival in the November 5, 2024 election: Republican former President Donald Trump.

Biden 2024 Reelection Campaign

Biden 2024 Reelection Campaign By way of comparison, then-President Trump and the Republican National Committee managed to raise $125 million in the third quarter of 2019 for their reelection endeavor.

In 2011, former President Barack Obama and the Democratic National Committee collected $70 million, a figure that Biden’s latest fundraising would trail in inflation-adjusted terms.

It’s important to note that fundraising figures disclosed by Biden’s campaign cannot be directly compared with their Republican counterparts, as they encompass party accounts controlled by Biden’s allies. Meanwhile, the Republicans have not yet selected a nominee and are allocating campaign funds to their internal competition.

Biden’s campaign, as well as other candidates, are expected to submit more comprehensive financial records to the Federal Election Commission later on Sunday.

Earlier this month, former President Trump reported that his campaign had raised over $45.5 million in the July-to-September quarter.

Trump’s closest rival, Florida Governor Ron DeSantis, reported raising $15 million during the same period.

Trump’s fundraising efforts have benefited from strong support among backers who consider his four criminal indictments to be politically motivated.

Biden’s popularity currently hovers near the lowest point of his presidency, with only 40% of Americans approving of his performance, according to a Reuters/Ipsos poll conducted this month.

Balancing the rigors and travel demands of a campaign with a busy period in Washington, including a looming government shutdown, a House of Representatives without leadership, an auto worker strike, natural disasters, such as the Hawaii wildfires, the Ukraine conflict, tensions with China, and the recent outbreak of war in Israel, has proven to be a formidable task for President Biden.

His campaign, which has held more fundraising events for the affluent rather than political rallies for the general public, disclosed that it organized 75 fundraisers since its launch, including 37 during this quarter. Approximately a third of the funds raised came from small-dollar “grassroots” contributions.

Biden’s campaign has actively concentrated its resources on strengthening grassroots fundraising efforts, especially in light of questions surrounding their ability to attract small-dollar donors, which often serve as a barometer of campaign enthusiasm.

Such grassroots donors were instrumental in propelling Biden to a record-breaking $1 billion in contributions in 2020, with $700 million originating from small online donations.

Biden 2024 Reelection Campaign – Several key moments, such as the “Meet the Presidents” fundraising contest that generated nearly $2.5 million and the “Dark Brandon” mugs and associated videos that generated $2 million in revenue since August, have contributed to boosting online grassroots fundraising.

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *