President Joe Biden’s re-election team and the Democratic Party announced on Sunday that they had raised $71 million during the latest quarter. While this amount is similar to the $72 million raised in the prior quarter, the concerns surrounding Biden’s age and low approval ratings have led to uncertainty among many donors. Despite the shorter April-to-June period due to Biden’s late campaign launch, the Democratic re-election effort had $91 million in cash on hand at the end of September across various fundraising entities affiliated with the party.
At 80 years old, President Biden’s decision to seek another four-year term in 2024 has been met with doubts about his age. Furthermore, polls have shown concerns about his age and a decrease in enthusiasm among Democratic voters. These factors could potentially affect fundraising efforts and overall support for the campaign. Biden’s team plans to utilize the funds raised to hire staff, organize in competitive states, and launch advertising campaigns. They also aim to expand their operations to combat their possible rival in the 2024 election, former President Donald Trump.
When comparing fundraising efforts, it is important to note that Biden’s campaign cannot be directly compared with Republican rivals due to the inclusion of party accounts controlled by his allies. Former President Trump and the Republican National Committee raised $125 million in the third quarter of 2019 for their re-election effort. In 2011, former President Barack Obama and the Democratic National Committee gathered $70 million, a figure that surpasses Biden’s latest fundraising announcement when adjusted for inflation.
President Biden faces numerous challenges both on the campaign trail and in Washington. His presidency’s popularity is at one of its lowest levels, with only 40% of Americans approving of his performance, according to a Reuters/Ipsos poll. Balancing the demands of a campaign with significant issues in Washington, such as a threatened government shutdown, a leaderless House of Representatives, and various crises worldwide, requires careful attention and multitasking. The ability to effectively address these challenges while maintaining a successful campaign will be crucial for Biden’s re-election bid.
To bolster fundraising efforts, Biden’s campaign has placed a strong emphasis on grassroots fundraising. Questions have arisen regarding their ability to attract small-dollar donors, as these donations often indicate enthusiasm for a campaign. However, Biden set a record in 2020 by raising $700 million through small online donations out of a total $1 billion. In an effort to replicate this success, the campaign has organized numerous fundraisers, with approximately a third of their funds raised coming from grassroots efforts. Remarkably, certain moments, such as the “Meet the Presidents” fundraising contest and the sale of “Dark Brandon” mugs accompanied by videos, have significantly boosted online grassroots fundraising.
As the campaign progresses, Biden’s team plans to continue expanding their operations by hiring more staff and organizing further fundraising events. These efforts will be crucial in maintaining momentum and financial stability. Additionally, the upcoming Federal Election Commission deadline for more detailed financial records will provide greater insight into the overall fundraising landscape in the future. While concerns about Biden’s age and approval ratings persist, the campaign remains determined to overcome these obstacles and secure a successful re-election bid in 2024.
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