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Updated January 15th, 2024 at 17:40 IST

US Elections: Biden Campaign Raises $97 Million in 3 Months

The Biden campaign has been actively engaged in fundraising efforts, hosting a total of 110 fundraisers since announcing the re-election bid.

US President Joe Biden.
US President Joe Biden. | Image:AP
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President Biden has kicked off 2024 with a formidable financial advantage, announcing a staggering $97 million raised for his re-election effort in the final three months of 2023. The campaign's robust fundraising quarter solidifies Biden's position with $117 million cash on hand, providing a significant edge over potential Republican rivals as the election year unfolds.

The Biden team's strategic financial management is evident in the expenditure patterns. In the fourth quarter, the campaign spent 73% of the funds raised, a slight decrease from the 80% burn rate in the preceding quarter. Despite this, the Biden campaign and associated committees have outpaced their own performance, raising more funds at this juncture than former President Trump's re-election campaign did four years ago.

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Comparing the numbers

Trump raised $154 million in the fourth quarter of 2019, holding $195 million in cash at the beginning of 2020. In contrast, Biden's re-election effort has proven more robust, surpassing Trump's fourth-quarter fundraising in 2019. Interestingly, Biden's team raised less than Obama's re-election campaign at a similar point in 2011, yet still managed to surpass their performance.

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While most Republican candidates are yet to disclose their fundraising figures, Biden's team remains confident in their financial prowess. A fundraising contest to meet Biden and Vice President Kamala Harris garnered over $3 million, surpassing a similar contest in the third quarter that featured Obama and Biden, which raised $2.5 million.

Biden campaign has already hosted 110 fundraisers

The Biden campaign has been actively engaged in fundraising efforts, hosting a total of 110 fundraisers since announcing the re-election bid, with 39 held in the fourth quarter alone. A noteworthy statistic reveals that more than 520,000 people contributed to the campaign during the fourth quarter, showcasing a broad base of support.

According to a report from Axios, Biden's campaign manager, Julie Chavez Rodriguez, emphasized that the substantial funds raised send a "clear message: the Team Biden-Harris coalition knows the stakes of this election and is ready to win this November." 

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Published January 15th, 2024 at 17:40 IST

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