President Joe Biden’s political operation continues to expand its financial lead over potential GOP rival, former President Donald Trump, having amassed $42 million in January alone.
Combining forces with the Democratic National Committee (DNC), they boast a collective war chest of $130 million. Biden has utilized joint fundraising committees with the DNC and state parties, enabling him to accept donations of up to $929,600 from individual contributors, significantly exceeding Trump’s $3,300 per person limit.
As Trump, yet to formally secure the GOP nomination, faces constraints in fundraising, Biden’s financial prowess is underscored by his substantial advantage.
The ongoing primary race, with former South Carolina Gov. Nikki Haley still in contention despite significant polling deficits, adds another layer of complexity to the Republican landscape. Trump’s January fundraising figures are yet to be disclosed, but as of December 2023, he and the Republican National Committee (RNC) held a combined $41 million.
Commenting on the disparity in fundraising strategies, Biden’s campaign manager, Julie Chavez Rodriguez, highlighted Republican divisions and the financial repercussions of aligning with Trump’s controversial agenda. Despite GOP challenges, Biden’s campaign emphasizes a robust grassroots fundraising model, augmenting their financial muscle with an influx of over 1 million new email contacts. This, they claim, has led to record-breaking grassroots fundraising for the third consecutive month.
Campaign spokesman TJ Ducklo expressed pride in the campaign’s grassroots support, emphasizing that the funds raised will be pivotal in reaching crucial voters leading up to the November election.
Despite Biden’s fundraising dominance, Trump had a larger base of small-dollar donors by the end of 2023, as per a New York Times analysis of FEC data, with 668,000 contributors giving less than $200 to Trump compared to 564,000 for Biden.