President Joe Biden has once again flexed his financial muscle, leaving his potential Republican rivals in the dust. Over the course of the third fundraising quarter of the year, Biden’s reelection campaign and the Democratic Party jointly reeled in an impressive $71 million, according to an announcement from the campaign on Sunday.
Biden’s Booming Campaign Coffers
This eye-popping sum has set the stage for what promises to be a fiercely competitive election season.
President Biden and DNC’s Combined $91 Million War Chest
By the end of the quarter, the political partnership between the president and the Democratic National Committee had accumulated a formidable war chest of $91 million.
Unrevealed Plan for Dividing Financial Windfall
While the campaign hasn’t disclosed how this financial windfall will get divided between Biden’s campaign and the party committee, it’s undoubtedly a clear signal of their intent to hit the ground running.
A Remarkable Quarter
To put this achievement in perspective, Biden’s haul nearly matched the $72 million he collected in the first fundraising quarter of the year, even though this period was three weeks shorter.
Maintaining Momentum in an Atypical Fundraising Season
Supporters claim this is a testament to his campaign’s strategic prowess and their ability to maintain momentum during a time of year traditionally considered slow for fundraising.
Exceeding Expectations Set for July to September
Jeffrey Katzenberg, a campaign co-chair, emphasized that this achievement exceeded the high goals they had set for the July to September period.
Channeling Resources for the November 2024 Election
This robust financial backing puts Biden in a prime position to channel resources toward the general election while his Republican counterparts continue their primary battles.
A Strategic Focus
“The momentum is continuing to build for him,” Katzenberg remarked. “As the stakes of the election are becoming clearer and the choice could not be more distinctive, the enthusiasm grows. All the money that has been raised and is continuing to be raised and the $91 million that is in the bank today, it’s all focused on November of 2024.
All of our investment today is focused on those strategic, important places – states that are going to be where this race will be won or lost.”
Another interesting factor is the surge in grassroots support that Biden’s campaign has experienced.
97% of Donations Under $200
The average grassroots contribution was a modest $40, and an overwhelming 97% of donations came in at under $200.
While the campaign has not yet disclosed the exact figure raised by small-dollar donors, experts anticipate it will be substantial, underscoring the breadth of Biden’s appeal.
Fundraising Success Amid Low Approval Ratings
Despite challenges such as low approval ratings and concerns about his age, Katzenberg contended that this fundraising success is a powerful endorsement of the president’s candidacy.
“Actions speak louder than words,” he said, further explaining that he sees Biden’s achievements as defying naysayers and the usual political punditry.
Biden Surpasses Republican Primary Candidates
In a clear financial triumph, Biden’s fundraising total surpassed the amounts raised by the Republican presidential primary candidates who’ve reported their results so far.
Even former President Donald Trump, a formidable fundraiser in his own right, came in below Biden’s mark, with over $45.5 million raised last quarter for his campaign and affiliated committees.
Trump’s campaign reports having $37.5 million on hand.
The Democratic Advantage
It’s important to note that Biden’s combined effort with the Democratic Party has given him an edge in fundraising over his Republican rivals.
His ability to raise money jointly with the Democratic National Committee and state parties provides an advantage, especially considering that Trump and the Republican candidates face lower contribution limits for their top donors.
Trump Still Top for Record Campaign Funding
Comparing this haul to history, Biden’s $71 million for this third fundraising quarter exceeded the $70 million raised by former President Barack Obama during the same period in 2011.
Still, they fell short of the $125 million that Trump raised in the third fundraising quarter of 2019, during his time as an incumbent presidential candidate.
Massive Donor Engagement
The campaign revealed that more than 493,000 donors contributed through 843,000 donations, with over 240,000 of them being new donors who didn’t contribute to Biden’s 2020 campaign.
Many Make a Commitment to Regular Contributions
The campaign has also significantly increased the number of monthly donors, with over 112,000 people committing to regular contributions.
Memes, Contests, and Mugs for Fundraising Success
Online fundraising strategies continued to be effective, with close to $2.5 million raised through a contest offering the chance to meet Biden and former President Barack Obama.
Additionally, Biden’s campaign generated nearly $2 million through the sale of “Dark Brandon” mugs, an online meme that Biden embraced, promoting the mugs through social media videos.
The Biden-Harris campaign manager, Julie Chavez Rodriguez, said, “These numbers are a testament to one of our core objectives early in this campaign: raise the resources needed to run an aggressive campaign that will win in November 2024.”
The Biden campaign has shown they’re prepared for the fight ahead, setting the stage for a fierce political battle.
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