Biden's Reelection Team Raises Record $97 Million in Q4 2023 Amidst Voter Concerns
President Joe Biden's 2024 reelection team and the Democratic Party announced on Monday that they raised over $97 million in the last three months of 2023. This impressive fundraising figure comes at a crucial time as polls indicate voter concerns over issues such as President Biden's age, rising prices, and his handling of the Israel-Hamas war.
The Biden campaign attributes this fundraising success to "strong and growing grassroots enthusiasm." In addition to grassroots donations, the campaign actively courted significant contributions from big donors in Washington, Boston, and California during a year-end fundraising blitz.
Jeffrey Katzenberg, the campaign co-chair, revealed that Team Biden-Harris ended December with a historic $117 million in cash on hand across various affiliated fundraising entities. Katzenberg emphasized, "We're entering the election year with more cash on hand than any Democratic candidate in history at this point in the cycle."
December marked the single strongest month for grassroots donations since the campaign's launch, with nearly 1 million supporters contributing over $2.3 million in donations averaging just under $42.
The fundraising total from October to December surpassed the previous quarter's $71 million and exceeded the over $66 million raised by Barack Obama and Democrats in the fourth quarter of 2011 for his successful 2012 reelection bid.
While the numbers fall short of the $154 million raised by Republican former President Donald Trump and the Republican party in the fourth quarter of 2019 for his unsuccessful 2020 reelection bid, Biden's team sees the support as a crucial indicator of the American people's awareness of the stakes in the upcoming election.
Julie Chavez Rodriguez, Biden's campaign manager, stated, "Our democracy and hard-fought basic rights and freedoms are on the line in 2024, and these numbers prove that the American people know the stakes and are taking action early to help defeat the extreme MAGA Republican agenda again."
Since its launch in April, Biden's campaign has raised a total of $235 million. The focus on grassroots fundraising is evident, with more than 130,000 sustaining donors pledging to contribute every month—nearly double the amount at this point in the 2020 cycle.
As the state-by-state nominating contests kick off with Republican caucuses in Iowa, the Biden campaign faces the challenge of effectively communicating Biden's economic accomplishments, known as "Bidenomics," which has yet to resonate strongly with voters.
The upcoming months will be crucial as both Biden, 81, and Trump, 77, begin the election year in a dead heat, with many Americans expressing a lack of enthusiasm about their choices, according to a recent Reuters/Ipsos poll.
