President Joe Biden’s campaign for reelection in 2024, along with the Democratic Party, announced a significant fundraising achievement, having raised over $97 million in the last quarter of 2023.
This financial boost comes despite voter concerns regarding Biden’s age, handling of the economy, and the Israel-Hamas conflict.
Historic cash reserves and grassroots support
The campaign’s success in fundraising is attributed to “strong and growing grassroots enthusiasm,” with substantial efforts also made to court big donors across crucial states.
Jeffrey Katzenberg, the campaign co-chair, highlighted in Des Moines, Iowa, that the campaign ended December with an unprecedented $117 million in cash across various party-affiliated fundraising entities.
“Team Biden-Harris is entering the election year with more cash on hand than any Democratic candidate in history at this point in the cycle,” he stated, emphasizing the readiness to mobilize a winning coalition for the reelection of Biden and Vice President Kamala Harris.
December also marked the campaign’s strongest month for grassroots donations since its inception.
Biden’s Q4 fundraising surpasses Obama’s but lags behind Trump’s record
The Biden campaign’s fourth-quarter fundraising not only surpassed its previous quarter’s $71 million but also exceeded the $66 million raised by Barack Obama and the Democrats in the fourth quarter of 2011 for his 2012 reelection.
However, it fell short of the $154 million raised by former President Donald Trump and the Republican Party in the fourth quarter of 2019 for his 2020 reelection campaign.
Trump and the RNC have yet to release their latest fundraising figures.
Campaign focus and Democratic stakes
Biden’s campaign manager, Julie Chavez Rodriguez, emphasized the importance of the upcoming election, saying, “Our democracy and hard-fought basic rights and freedoms are on the line in 2024, and these numbers prove that the American people know the stakes and are taking action early to help defeat the extreme MAGA Republican agenda again.”
The campaign has raised a total of $235 million since its launch in April.
Preparation for nominating contests and campaign strategies
As the state-by-state nominating contests commence, starting with the Republican caucuses in Iowa, the Biden team is gearing up to face potential Republican nominee Donald Trump.
Biden has recently become more vocal in contrasting his administration with Trump’s, mainly focusing on U.S. democracy and election integrity.
Economic messaging and grassroots fundraising
The Biden campaign is also strategizing on effectively communicating the president’s economic achievements, known as “Bidenomics,” amid challenges in resonating with voters.
A significant focus has been on enhancing grassroots fundraising and attracting small-dollar donors, indicators of campaign enthusiasm. Katzenberg noted the increase in sustaining donors, which has nearly doubled since the 2020 cycle.
Fundraising landscape and election outlook
While the sums announced by Biden’s campaign are substantial, they cannot be directly compared to Republican rivals, as they include party accounts controlled by Biden allies.
The Republican field, still without an apparent nominee, is investing resources in their internal contests. As the election year begins, Biden, 81, and Trump, 77, are in a close race, with a Reuters/Ipsos poll indicating lukewarm enthusiasm among American voters for their choices.