Record-Breaking Success: President Joe Biden’s 2024 Campaign Soars with $71 Million Haul
In a remarkable display of fundraising prowess, President Joe Biden‘s 2024 campaign, the Democratic National Committee, and a joint fundraising organization supporting Democratic state parties collectively surged past the $71 million mark in the third quarter, as reported by Biden’s re-election effort.
This figure aligns with the astounding $72 million raised in the previous quarter, with the campaign itself contributing a significant $20 million. Precise details of the campaign committee’s contributions this quarter are set to be revealed in a forthcoming filing with the Federal Election Commission.
With nearly $91 million in cash reserves spread across its various fundraising entities, the Biden campaign gears up for a monumental re-election effort.
Notably, President Biden, who once faced challenges in raising campaign funds, made history in 2020 by becoming the first federal candidate to amass over $1 billion from supporters, who fervently backed his campaign against then-President Donald Trump.
During the previous election cycle, Biden embarked on his fundraising journey independently, amidst a crowded field of nearly two dozen Democratic contenders vying for the party’s nomination.
Now, as an incumbent, President Biden benefits from a robust political operation, underpinned by a strategic fundraising agreement with the DNC and state parties. This agreement allows donors to contribute as much as $929,600 each to the Biden Victory Fund, which subsequently allocates these funds across various entities.
The Biden campaign reported a remarkable influx of over 240,000 new donors this quarter who had not contributed during the 2020 campaign. Additionally, the number of recurring monthly donors doubled to exceed 112,000 individuals.
Campaign manager Julie Chávez Rodriguez expressed their pride in expanding their grassroots donor base, stating, “We are especially proud of our efforts to exponentially grow our grassroots donor base, now having over a hundred thousand Americans signed up to donate on a recurring basis from now until Election Day.”
Collectively, the $71 million raised surpasses the fundraising efforts of any Republican campaign. The Biden campaign benefits from an unwavering party apparatus fully aligned with their goals, and multiple fundraising entities, some with more generous contribution limits.
In contrast, Trump’s campaign, which leads the GOP in fundraising, disclosed a total of over $45 million raised in the third quarter. However, it did not delineate how these funds were allocated between the campaign and a PAC covering legal fees.
DNC Chair Jaime Harrison emphasized the Democrats’ advantage, noting, “While Republicans continue to raise less money and face division in the primary, we are constructing the infrastructure essential to effectively reach voters with our message and compete in the general election.”
The substantial funds are earmarked for sustaining paid media efforts, bolstering staff recruitment in early primary states, and fortifying organizing programs in pivotal battleground states, in alignment with the campaign’s strategy.
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