Despite facing low approval ratings, President Joe Biden’s re-election campaign continues to gain momentum as it announced a staggering $71 million fundraising haul in the July-September third quarter of 2023. This impressive figure, the highest ever amassed by a Democratic candidate at this point in the cycle, demonstrates the strong support and enthusiasm for the President and Vice President Kamala Harris’ re-election bid. Furthermore, the campaign boasted a whopping $91 million in their campaign coffers, surpassing the total funds of any GOP candidate.
The Biden-Harris campaign’s fundraising success is expected to significantly surpass that of other Republican contenders. Former President Donald Trump, who remains the front-runner for the Republican Presidential nomination, reported raising $46 million with $38 million in cash-on-hand. Meanwhile, Florida Governor Ron DeSantis raised $15 million with $14 million in his campaign coffers, and former ambassador and South Carolina Governor Nikki Haley announced $11 million raised and $12 million cash-on-hand.
The Biden-Harris campaign attributes its fundraising triumph to a strategic approach that maximizes available resources. By leveraging the ability of individual donors to contribute larger sums to national party committees, such as the Democratic National Committee (DNC), the campaign has been able to outperform its Republican counterparts. In addition to this advantage, the campaign also highlighted its grassroots appeal, with small dollar donations accounting for 49% of their overall revenue in the past three months. Notably, the campaign attracted nearly a quarter of a million new donors who did not contribute to Biden’s 2020 presidential campaign.
Campaign manager Julie Chavez Rodriguez expressed pride in the campaign’s efforts to grow its grassroots donor base and emphasized the importance of fundraising in running a successful campaign. These funds will be used to strengthen the campaign’s infrastructure, expand grassroots outreach, and support get-out-the-vote efforts. Additionally, the money will be allocated towards travel and advertising expenses.
Fundraising, along with polling, serves as a crucial metric for measuring a candidate’s strength and grassroots support. The Biden-Harris campaign’s ability to raise record-breaking amounts reflects the confidence and enthusiasm among their supporters. As the 2024 presidential election approaches, the campaign aims to sustain its aggressive fundraising efforts, solidifying its position as a formidable force in the race.
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