President Joe Biden and the Democratic Party have amassed a record-breaking $97 million in the final fundraising quarter of last year, bolstering their campaign war chest ahead of the November face-off against a Republican contender.
The Biden reelection campaign, in conjunction with the Democratic Party, concluded the year with $117 million in hand, marking the highest cash-on-hand figure for any Democratic candidate at this stage in the election cycle.
This fundraising milestone, the largest of Biden’s reelection bid, comes as Republicans prepare to launch their primary contests with the Iowa caucuses on Monday evening. Biden has been escalating his attacks on former President Donald Trump, who is perceived by Biden’s advisers as his likely adversary.
A recent CBS News/YouGov poll revealed a tight race in a hypothetical general election matchup between Biden and Trump, with 50% of likely voters favoring the former president and 48% supporting the incumbent.
Biden and the Democratic Party’s fundraising in the last quarter surpassed the $72 million and $71 million raised in the second and third quarters of 2023, respectively. For the first time, Biden’s fundraising exceeded that of former President Barack Obama at the same point in the election cycle.
Most Republican contenders, including Trump, have yet to disclose their fourth-quarter figures. The only exception is former UN ambassador and South Carolina Gov. Nikki Haley, who raised $24 million in the same period. Candidates have until January 31 to submit their quarterly finance reports to the Federal Election Commission.
Despite some signs of internal strains, Biden’s campaign remains confident in their financial position. They point to their early fundraising success for the general election while Republicans have been expending resources in primary battles.
Biden’s campaign is expected to ramp up its operations in the coming months, aiming to run at “full steam” by early summer. The campaign held a total of 39 fundraisers during the fourth quarter, with Biden himself bringing in over $15 million from high-dollar donors during a December fundraising sprint.
The campaign also credits its grassroots network for significantly boosting its war chest. December marked their highest grassroots fundraising month since the reelection launch in April, breaking the previous record set in November. The average grassroots donation was $41.88 in the fourth quarter, and 97% of all donations were under $200.
More than 130,000 donors have committed to making monthly donations, twice the number Biden saw at this point in 2020. The campaign also grew its active subscriber email list by 15% from the start of the third quarter to the end of the fourth quarter.
Online fundraising contests and counterprogramming efforts around GOP debates and Trump events have been key drivers of grassroots fundraising. A “Cup of Joe” online contest to meet Biden and Vice President Kamala Harris raised more than $3 million, marking the campaign’s most successful contest to date.
“The Biden-Harris campaign and the DNC are working as one team with a single mission: to build a winning campaign that has the resources to send Joe Biden and Kamala Harris back to the White House, and elect Democrats up and down the ballot,” said DNC Chair Jaime Harrison.