President Biden’s approval ratings may be underwater, but his re-election campaign’s fundraising is still going strong. In the July-September third quarter of 2023, President Biden and Vice President Kamala Harris raised over $71 million for their 2024 re-election campaign, the highest amount ever accumulated by a Democratic candidate at this point in the cycle. Their campaign coffers reached nearly $91 million by the end of September, surpassing the total of all GOP 2024 campaigns combined.
Presidential candidates, along with those running for Senate and House races, have until the end of Sunday to file their third quarter fundraising reports with the Federal Election Commission. Some campaigns have already announced their recent fundraising numbers. Former President Donald Trump reported raising $46 million in the past three months, while Florida Gov. Ron DeSantis raised $15 million and former ambassador Nikki Haley raised $11 million.
The Biden-Harris re-election campaign, along with the Democratic National Committee (DNC) and state parties, used a strategic approach to fundraising, maximizing available resources while maintaining an equally strategic approach to spending. Biden’s ability to receive larger donations to national party committees like the DNC has contributed to his fundraising success. The campaign also highlighted their grassroots appeal, with small-dollar donations making up 49% of their overall revenue the past three months, compared to 34% in the second quarter. Additionally, they acquired nearly a quarter million new donors who did not contribute to the 2020 Biden presidential campaign.
Fundraising is a key indicator of a candidate’s strength and grassroots support, along with polling. The funds raised can be used to build campaign infrastructure, conduct grassroots outreach and get out the vote efforts, as well as cover travel expenses and advertising costs.
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By Paul Steinhauser, Politics Reporter
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