U.S. President Joe Biden re-election campaign unveiled its staggering fundraising prowess on Saturday, revealing a monumental haul of over $187 million in the first quarter of 2024. This impressive figure nearly doubled the campaign’s previous quarter earnings.
March emerged as a standout month for Biden’s campaign, coinciding with his clinching of the Democratic Party’s nomination. During this pivotal period, the campaign experienced an extraordinary surge, raking in over $90 million in donations, a substantial increase from the previous month’s intake of over $53 million. Notably, the campaign also disclosed a remarkable cash reserve of $192 million, representing the highest total ever amassed by any Democratic candidate at this stage in the electoral cycle.
Biden’s fundraising success has surpassed that of his Republican counterpart, Donald Trump, as analysts attribute the disparity to Biden’s incumbent status and unwavering support from Democratic predecessors. In a display of unified backing, former Democratic Presidents Barack Obama and Bill Clinton joined forces with Joe Biden in a star-studded fundraiser held in New York City in March, an event that reportedly generated over $25 million in contributions.
The campaign underscored that the funds amassed were sourced from various fundraising avenues, including contributions directed towards Biden’s campaign, the Democratic National Committee, and joint fundraising committees.
Highlighting the grassroots nature of the campaign’s support, the majority of donations received in the first quarter were under $200. A staggering 1.1 million donors contributed over 1.9 million donations, underscoring the broad base of support propelling Biden’s re-election bid.
It added that it had over 212,000 sustaining donors, more than double the amount at this point in the 2020 cycle, in which Biden bested Trump.
The campaign is embarking on a $30 million, six-week paid media campaign in battleground states, including ad buys targeting Latino, Black and Asian American and Pacific Islander voters, as well as supporters of Nikki Haley, who in early March ended her long-shot challenge to Trump for the Republican nomination.
Republicans’ fundraising has lagged for the last several months. The presumptive Republican nominee’s campaign and the RNC have routinely raised less than Biden. Trump has hawked sneakers and Bibles as he juggles paying his legal fees with raising cash for his presidential campaign.
But a windfall is set to come his way on Saturday, when he attends a Palm Beach fundraiser at the home of billionaire investor John Paulson. A source familiar with the event told USA TODAY on Friday that the fundraiser has brought in more than $43 million. The money is being raised through a joint fundraising committee that benefits Trump’s campaign, the RNC, state parties and the former president’s leadership PAC. The latter organization is helping to pay Trump and his associate’s legal bills.
Joe Biden”s monthly fundraising total includes contributions to the Democratic National Committee. The donations have helped Democrats hire staff, open offices and put commercials on the air in battleground states. The Joe Biden campaign further disclosed a robust base of sustaining donors, surpassing 212,000 individuals—a figure more than double that of the same point in the 2020 electoral cycle, during which Biden triumphed over Trump.
In a strategic move to bolster its outreach efforts, the campaign is launching a comprehensive $30 million paid media campaign spanning six weeks across battleground states. This initiative encompasses targeted ad placements tailored to engage Latino, Black, Asian American, and Pacific Islander voters, as well as supporters of Nikki Haley, who recently withdrew her challenge against Trump for the Republican nomination.
Meanwhile, Republican fundraising endeavors have faced challenges in recent months, consistently trailing behind the Biden campaign. The presumptive Republican nominee and the Republican National Committee (RNC) have consistently fallen short of Biden’s fundraising figures. Trump, amid navigating legal battles and financial obligations, has resorted to unconventional fundraising tactics, including selling merchandise such as sneakers and Bibles.
However, a substantial infusion of funds is on the horizon for Trump, slated to occur during a high-profile Palm Beach fundraiser hosted at the residence of billionaire investor John Paulson. A source familiar with the event revealed to USA TODAY that the fundraiser has amassed over $43 million in contributions. These funds are being raised through a joint fundraising committee benefiting Trump’s campaign, the RNC, state parties, and the former president’s leadership Political Action Committee (PAC). Notably, the latter entity is instrumental in covering Trump and his associates’ legal expenses.
It’s worth noting that Biden’s monthly fundraising total encompasses contributions directed towards the Democratic National Committee (DNC). These donations have enabled Democrats to bolster their organizational infrastructure, establish local offices, and deploy targeted advertising campaigns in critical battleground states.
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