• Sat. Jul 13th, 2024

Biden raises $71 million in third quarter

Biden to announce regional hydrogen hubs in hopes of sparking a clean-energy revolution


President Joe Biden raised more than $71 million for his reelection campaign and the Democratic Party in the third fundraising quarter of the year, his campaign announced on Sunday.

Biden’s haul outpaces the amounts raised by each of the Republican presidential candidates who have reported their results so far.

The president’s political operation with the Democratic National Committee ended the quarter with $91 million, the campaign said. Biden’s campaign did not disclose how that money was divided between the campaign and the party committee.

The president nearly met the $72 million that he raised in the first fundraising quarter this year, though that period was three weeks shorter since he launched his reelection in late April.

Campaign co-chair Jeffrey Katzenberg told CNN the figure “exceeded the high-bar goals” the campaign set for the July to September period, which is typically a sluggish time to raise money. Katzenberg argued it provides Biden with an upper hand as he’s able to devote the early resources toward the general election while Republicans battle it out in their primary.

“The momentum is continuing to build for him. As the stakes of the election are becoming clearer and the choice could not be more distinctive, the enthusiasm grows,” Katzenberg said. “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.”

The Biden campaign also said its grassroots network grew from the previous quarter.

The average grassroots contribution was $40, the campaign said, and 97% of all donations were under $200.

The campaign did not provide an exact total raised by small-dollar donors, but that figure is expected to become available when the campaign files its report with the Federal Election Commission by Sunday’s deadline.

The $71 million showing comes as the 80-year-old president has faced low approval ratings and concerns about his age. But Katzenberg argued the latest fundraising haul shows enthusiasm for the president’s candidacy.

“Actions speak louder than words, and what this result is really about is not the vibes, not the feelings, not the angst, not the tea leaf reading. It’s concrete proof that the beltway chatter, the cable talking heads, once again have gotten this wrong. They underestimated Joe Biden,” Katzenberg said.

‘Dark Brandon’ mugs and supporter meetups

Biden’s latest fundraising figure is higher than that raised by the candidates in the Republican presidential primary, according to the amounts reported so far. Former President Donald Trump has topped that list, raking in more than $45.5 million last quarter for his campaign and associated committees.

Trump’s campaign said his operation has $37.5 million on hand.

Neither Trump nor his rivals for the Republican nomination are raising money jointly with the Republican National Committee, and they face lower contribution limits for top donors than Biden and his combined effort with the Democratic Party.

Biden, however, raised less than the $125 million brought in by Trump as an incumbent presidential candidate in the third fundraising quarter of 2019. The president slightly exceeded the $70 million raised by former President Barack Obama in the same period in 2011.

The campaign said more than 493,000 donors gave to the campaign through 843,000 contributions and the team has brought in over 240,000 new donors who did not contribute to Biden’s 2020 campaign, which was powered by small- dollar donors.

Biden’s campaign has also doubled the number of donors who have committed to donating every month since last quarter, with the figure now reaching over 112,000 people.

The president’s team used some of the same online tactics from the second quarter to scoop up money from small-dollar donors, raising nearly $2.5 million through a contest to meet Biden and Obama and bringing in close to $2 million since August through the sale of “Dark Brandon” mugs, which Biden pitched through social media videos.

Biden’s campaign, which held 37 in-person fundraisers this quarter, has used an early joint fundraising agreement to its advantage, allowing the president to raise money for his campaign, the Democratic National Committee and state parties. The breakdown of money raised for each entity is also expected to become public when they submit their FEC filings.

“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,” said Julie Chavez Rodriguez, the Biden-Harris campaign manager.

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