Rosalind Evans
President Joe Biden’s reelection campaign has pulled in a whopping $72 million in the first quarter since his April reelection announcement. This news comes directly from the campaign on Friday and might serve to alleviate worries over Biden’s fundraising prowess in his quest for a second term. The average donation stood at $39 from nearly 400,000 contributors, with 97% of all gifts under $200.
Although the Biden campaign is still in its early stages, without a headquarters or a fully staffed team, it claims an impressive treasury, boasting $77 million in cash reserves as of the end of June.
Compared to other 2024 presidential hopefuls, Biden’s fundraising efforts stand firm. However, they trail behind the record-setting $86 million accumulated by President Barack Obama in 2011, during his first quarter of reelection fundraising. Obama’s campaign also reported 158,000 more individual donors during the same quarter than Biden’s. The difference in personal donation limits between the two election cycles should be noted. In 2012, individual donors were allowed to give a maximum of $2,500 to Obama’s campaign, whereas the current cycle permits a $3,300 limit.
Given that Obama started his campaign three weeks earlier than Biden in their respective fundraising quarters, Biden’s campaign points out that their daily fundraising exceeded that of Obama’s campaign.
President Donald Trump and the Republican National Committee in 2019, gathered a combined $105 million in the second quarter. However, Trump’s reelection operation was already a couple of years in progress. In contrast, the campaign of Trump, also a 2024 candidate, reported last week that their joint fundraising committee had collected over $35 million in this year’s second quarter.
Biden’s campaign isn’t looking to emulate Trump’s 2019 strategy, which they called a “Death Star” that ultimately crumbled by the summer of 2020. Instead, Biden’s campaign has continued to set new fundraising records.
Regarding recent competition, Trump’s primary GOP contender, Florida Governor Ron DeSantis, reported a fundraising total of $20 million since his late May announcement.
The Biden campaign’s manager, Julie Chavez Rodriguez, pointed to their fundraising successes as a clear indicator of “incredible enthusiasm” for Biden’s campaign and political agenda. In a statement, Chavez Rodriguez said, “We’ve seen incredible enthusiasm for President Biden and Vice President Harris’ agenda – including their commitment to restoring democracy, fighting for more freedoms and growing the economy by growing the middle class. While Republicans are burning through resources in a divisive primary focused on who can take the most extreme MAGA positions, we are significantly outraising every single one of them – because our team’s strength is our grassroots supporters.”
The Biden campaign’s powerful fundraising performance marks an optimistic start to his reelection efforts. The financial muscle, drawn mainly from grassroots supporters, illustrates widespread approval of President Biden’s policies and the course his administration is charting for the nation. This momentum, if sustained, will undoubtedly provide a significant advantage for Biden as he vies for a second term in the Oval Office.
