President Joe Biden’s 2024 presidential campaign has reported raising over $72 million in the recent quarter. While this is a significant amount, it falls short compared to previous presidential campaigns. The funds were raised between April 25, when Biden announced his candidacy, and the end of June. This includes donations to Biden’s campaign as well as funds raised via national and state parties.
In a tweet on July 15, Biden expressed his gratitude to grassroots donors who contributed small amounts to his campaign. He acknowledged that the campaign’s success is powered by these individuals and that their support will help him “finish the job” of running for president.
However, when compared to previous presidents at this point in their reelection campaigns, Biden’s fundraising numbers are lower. In the second quarter of 2019, then-President Donald Trump and the Republican National Committee (RNC) raised $105 million, according to reports. Former President Barack Obama raised $85.6 million in the second quarter of 2011 when he launched his second presidential bid.
Some argue that Biden’s lower fundraising efforts can be attributed to the fact that he entered the race later than Obama did in 2011. Obama announced his candidacy in early April, while Biden only kicked off his campaign in late April.
Despite falling short compared to previous presidents, Biden’s fundraising is strong when compared to his rivals in the 2024 presidential race. His second-quarter donations surpass those of Democrat rival Robert F. Kennedy Jr. and GOP rival Donald Trump. Kennedy Jr. raised $6.36 million between February and June, according to disclosure filings. Trump, on the other hand, reported raising over $35 million in the second quarter, which is less than half of what Biden raised.
Biden also maintains a lead in terms of poll support among Democrat voters. According to a Harvard CAPS/Harris poll from mid-June, Biden secured 62 percent of Democrat voters’ support, while Kennedy Jr. received 15 percent.
Although Biden has cleared the field of any serious rivals for the Democratic nomination, concerns remain about voter enthusiasm for an 80-year-old candidate. However, the latest fundraising numbers are likely to alleviate some of these concerns, demonstrating that Biden can assemble the support necessary for a successful campaign.
At the end of the second quarter reporting period, the Biden campaign had $77 million on hand, the highest total ever by a Democrat at that point.
Despite Biden’s advantage in fundraising, public opinion is closely split between him and Trump. According to a July 11 update from Morning Consult, Biden only had a narrow one-point lead over Trump in a hypothetical match-up among the general electorate. In a previous poll, Trump had a three-point lead over Biden, marking the first time he surpassed the incumbent president.
Looking ahead, the Republican National Committee is preparing for their first sanctioned presidential debate in August. Trump, DeSantis, Ramaswamy, Scott, and Haley are expected to participate. However, the Democratic National Committee has announced that it will not sponsor any debates for the 2024 race, and Biden has expressed no interest in participating either. This decision has received criticism, with some arguing it denies voters a democratic process.
In conclusion, Biden’s fundraising efforts for his 2024 presidential campaign have been strong, raising over $72 million in the recent quarter. While falling short compared to previous presidential campaigns, Biden outpaces his rivals in fundraising. However, public opinion remains closely divided between Biden and Trump. Additionally, the decision by the Democratic National Committee not to sponsor any debates for the 2024 race has attracted criticism.