In an impressive show of financial strength, President Joe Biden has amassed nearly $100 million in campaign funds in the final quarter of 2023, setting a record for Democratic fundraising. This considerable sum surpasses former President Barack Obama’s fundraising during the same period in his reelection campaign yet falls short of the staggering $154 million raised by former President Donald Trump.
Biden’s campaign, energized by a series of high-profile fundraisers featuring celebrities like James Taylor, Steven Spielberg, Barbra Streisand, Shonda Rhimes, Rob Reiner, and David Geffen, has demonstrated a potent combination of star power and political support. Notably, one fundraiser in Boston and a three-day fundraising stint in California were among the highlights contributing to the campaign’s robust financial health.
The Biden campaign has creatively engaged supporters through various initiatives, including the ‘Cup of Joe’ contest, which alone brought in over $3 million. This contest offered an opportunity to meet with Biden and Vice President Kamala Harris, showcasing the campaign’s successful strategies in attracting small donations that collectively make a significant impact.
With a total of $235 million raised since its inception in April 2023, the Biden campaign closed the year with $117 million in hand, a record for any Democratic candidate at this stage of the electoral cycle. The campaign’s dynamic approach, conducting 110 fundraisers with 39 in the last quarter of 2023 alone, attracted contributions from more than 520,000 donors, amounting to over 926,000 donations.
Despite this financial prowess, the Biden campaign faces challenges, including the President’s low approval ratings and public concerns over his age. Biden, at 81, is contending with questions about his suitability for a second term. Meanwhile, Trump, leading in the early GOP primary state polls, is poised to potentially secure the Republican nomination swiftly, hastening the onset of the general election.
The Biden campaign has spent a significant portion of its funds on staffing, advertising in battleground states, and maintaining its headquarters in Wilmington, Delaware. As the political landscape heats up, all eyes are on the unfolding dynamics of what promises to be a fiercely contested presidential race.