President Joe Biden raised $71 million in the third quarter, nearly matching his fundraising haul in the previous three months and putting him well ahead of his Republican competitors, including former President Donald Trump.
(Bloomberg) — President Joe Biden raised $71 million in the third quarter, nearly matching his fundraising haul in the previous three months and putting him well ahead of his Republican competitors, including former President Donald Trump.
The total includes money raised for Biden’s 2024 reelection campaign, the Democratic National Committee and state parties. The campaign reported a total of $91 million cash on hand spread across all entities, according to a statement on Sunday.
Biden’s total for the most recent quarter is just short of the $72 million he raised through the end of June after kicking off his presidential campaign in late April.
The July through September period is usually slower for fundraising because of summer vacations, but Biden’s team saw little dropoff. It received more than 843,000 donations across all entities, with 97% coming in amounts under $200. Biden now has 112,000 individuals who’ve pledged to give monthly to his reelection effort.
The third-quarter total far exceeded the goals that Biden’s team set, according to campaign co-chairman and Hollywood mogul Jeffrey Katzenberg. He said the support shows that there is enthusiasm for the president, regardless of what critics say. “Actions speak louder than words,” he said.
While Biden remains popular among Democratic donors, that enthusiasm isn’t matched by the broader public. Just 36.7% of voters approve of his handling of the economy, while 60.3% disapprove, according to the RealClearPolitics average of national polls. Biden’s overall approval rating is 40.5%.
Biden held a series of donor events in cities including Phoenix, San Francisco and New York in September to bolster fundraising momentum after the summer. Andrew McCollum, a co-founder of Meta Platforms Inc.’s Facebook, billionaire Tom Steyer and former American Express Co. Chief Executive Officer Kenneth Chenault were among the hosts for those events. The campaign held 37 fundraisers during the quarter, including events featuring Vice President Kamala Harris.
All 2024 campaigns are due to report on their finances to the Federal Election Commission on Sunday.
Because of a joint fundraising agreement between Biden’s campaign, the DNC and state parties, the president can accept money in much bigger chunks than his Republican rivals. The maximum donation to the Biden Victory Fund is $929,600, dwarfing the $3,300 individual contribution limit for single campaigns without a broader agreement with the party.
“There is tremendous support from high-end donors but this campaign is being led by grassroots donors,” Katzenberg said.
More than 493,000 donors contributed to the Biden campaign in the third quarter, with an average donation of $40. The grassroots program accounted for 49% of the total raised, up from 33% in the previous quarter.
Biden’s fundraising haul tops Trump’s. The GOP frontrunner took in $45.5 million in the third quarter, the most since he became a candidate in November. Trump has $36 million designated for the Republican primary.
Florida Governor Ron DeSantis raised $15 million, with $5 million for the primary. Former South Carolina Governor Nikki Haley raised $11 million and has $9.1 million in her accounts for the primary.
With no serious rival for the Democratic nomination, Biden can stockpile his money while Republican challengers spend theirs promoting themselves and attacking opponents in pursuit of the GOP nomination.
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