President Joe Biden's campaign for re-election in 2024, along with his party, announced on Sunday that they had raised $71 million during the most recent quarter. Concerns about the
Democrat president's age and declining approval ratings were on the minds of many donors.
This fundraising figure is quite similar to the $72 million raised by Biden and the Democratic Party in the previous quarter. However, it's important to note that the April-to-June period was shorter by 25 days due to Biden launching his campaign in late April. The summer period of July to September, more than a year before the election, is typically a slow time for fundraising.
At the end of September, the Democratic re-election effort had $91 million in cash across several fundraising entities affiliated with the party.
President Biden, who is 80 years old, had to overcome doubts about his age when deciding to seek another four-year term in 2024. He is currently dealing with polls reflecting concerns about his age and waning enthusiasm among Democratic voters.
Biden's campaign, headquartered in Wilmington, Delaware, plans to use the funds raised so far to hire staff, organize in competitive states, and launch advertising campaigns. They are expected to continue hiring in the coming weeks and before year-end to build an operation geared towards countering their likely rival in the November 5, 2024 election, Republican former President Donald Trump.
For comparison, in the third quarter of 2019, then-President Trump and the Republican National Committee raised $125 million for their re-election campaign. In 2011, former President Barack Obama and the Democratic National Committee collected $70 million, a figure that inflation would surpass what Biden's campaign has just raised.
It's important to note that fundraising sums announced by Biden's campaign are not directly comparable to those of Republican rivals as they include accounts controlled by Biden allies. Republicans have yet to select a nominee and are directing some of their campaign funds toward their internal competition.
In the coming weeks, Biden's campaign and other candidates will need to provide more detailed financial records to the Federal Election Commission.
Earlier in the month, Trump reported raising over $45.5 million during the July-to-September quarter, while his closest rival, Florida Governor Ron DeSantis, raised $15 million in the same period. Trump's fundraising efforts have been boosted by supporters who believe his four criminal indictments are politically motivated.
Biden's approval ratings have reached one of the lowest points of his presidency, with just 40% of Americans approving of his performance, according to a Reuters/Ipsos poll conducted this month.
The President has been balancing the demands of campaigning with a hectic period in Washington, including a threatened government shutdown, leadership vacuums in the House of Representatives, an auto worker strike, natural disasters like the Hawaii wildfires, the Ukraine war, tensions with China, and now the conflict in Israel.
Biden's campaign, which has prioritized fundraising events for wealthier donors over political rallies for the public, indicated that they have organized 75 fundraisers since its launch, including 37 during this quarter. Approximately one-third of the total funds raised came from small-dollar "grassroots" donations.
The campaign has been concentrating on enhancing grassroots fundraising amid questions about their ability to attract small-dollar donors, which often indicate enthusiasm for a campaign. Such donors were instrumental in helping Biden raise a record-breaking $1 billion in 2020, with $700 million originating from small online donations.
Some of the highlights of their online grassroots fundraising efforts included a "Meet the Presidents" fundraising contest that generated nearly $2.5 million and the sale of "Dark Brandon" mugs and related videos that have generated $2 million in revenue since August. Photo by Phil Roeder, Wikimedia commons.