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Joe Biden’s political operation has announced it raised more than $97mn in the fourth quarter, a sizeable haul that gives Democrats hope that the unpopular president will have the resources to turn around his flagging poll numbers this election year.
The Biden campaign said it had built a $117mn war chest, adding that this was more money than any Democratic candidate in history had accumulated at this point in the election cycle.
It also claimed that it would have more on hand than the Republican presidential candidates in the fourth quarter.
“While most of the Republicans have not yet announced their fundraising numbers, we fully expect to lap them — several times,” said Biden campaign spokesperson TJ Ducklo.
As an incumbent president with no serious primary challengers, Biden benefits from a variety of money-raising organisations besides his campaign, including the Democratic National Committee and other joint fundraising committees. Former president Donald Trump’s operation had raised even more at this point in the 2020 cycle.
But at the end of the third quarter in 2023, Trump’s campaign had $38mn on hand and spent more than $6mn on ads alone between October and December, according to AdImpact. Trump has not yet disclosed his fourth-quarter fundraising figures.
Former UN ambassador Nikki Haley, who has emerged as Trump’s top rival, said she had $14.5mn on hand going into 2024. Florida governor Ron DeSantis has struggled to raise money and has relied on super Pacs, which can raise unlimited sums from contributors, for much of his ad spending and door-knocking operation. Vivek Ramaswamy, the biotech entrepreneur, has largely self-funded his campaign.
Presidential campaigns are required to disclose their 2023 fundraising figures by the end of the month.
The Biden campaign said its most successful gimmick was a “Cup of Joe” contest that raised more than $3mn off a chance to meet Biden and vice-president Kamala Harris. It also said people were increasingly paying attention to the 2024 race and donating, adding that it raised three times as much money during the Republican debate in December as it did during October’s.
“This historic haul — proudly powered by strong and growing grassroots enthusiasm — sends a clear message: the Team Biden-Harris coalition knows the stakes of this election and is ready to win this November,” said Biden campaign manager Julie Chávez Rodríguez.
