Despite what early polls are indicating, it seems as though Joe Biden’s campaign for reelection is quietly picking up steam. According to his team, February marked their strongest month for fundraising since the beginning of his campaign. Here’s the full story.
Biden’s Funding Surge
Joe Biden will be breathing a sigh of relief after his fundraising efforts last month.
Momentum Building
Although most polls place him a few points behind Trump, it seems as though his momentum is building, which could spell out disaster for Trump in November.
Record-Breaking Figures
According to Biden’s campaign officials, their war chest is looking fierce – with over $155 million cash on hand, ready for the lead-up to the 2024 elections.
Grassroots Support
They apparently raised $53 million last month, a new high for the campaign, which was all from grassroots funding.
Biden’s Financial Firepower
In a radio interview, Biden stated, “We’ve raised a whole lot of money. We have 1.5 million donors, including 500,000 are brand new, they’re small donors; 97% of the donations under $200.”
Obama and Clinton Boost Biden’s Coffers
$4 million of this has been donated to an upcoming New York fundraiser, which will have ex-presidents Barack Obama and Bill Clinton in attendance, as well as Joe Biden – the first of its kind.
According to a campaign statement, it’s the largest amount of money raised by any Democratic nominee at this point in the election cycle.
Trump’s Financial Struggle
Biden’s fundraising efforts are a far cry from those of Donald Trump, with reports indicating that Trump has a fraction of the funds available – almost $37 million in cash on hand.
OpenSecrets found that Trump’s campaign raised just under $3 million in January, but their February figures will not be released until April.
Legal Battles Drain Resources
Trump’s war chest has been depleted at a high rate due to his various legal challenges.
Trump’s Team Eyes Funding Recovery
However, Trump’s team is optimistic that they will secure more funding before the run-up to the election.
Biden’s Team Points to Financial Security
Biden’s team, for their part, has sought to calm Democrats’ nerves by pointing to their full coffers.
While polls indicate public worries over Biden’s age, health, and impact on the economy, this funding boost will help his team argue that there is a growing enthusiasm for Biden.
Post-State of the Union Boost
Biden’s campaign reported raising a huge $10 million in the 24 hours after his State of the Union address.
Trump’s Legal Bills vs. Biden’s Reserves
While Trump’s team has been spending money on sizable legal bills, Biden’s team has been squirreling it away.
Although Biden has raised a good chunk of money, it pales in comparison to the $86 million Trump raised in the same period of 2020.
Outside Support
Biden’s donors include a slew of outside leftist groups, who have pledged more than $1 billion to help his reelection, according to the NY Times.
Climate Group’s Generosity
Climate group the League of Conservation Voters donated $120 million to Biden’s efforts, and American Bridge, super PAC Future Forward, and the Service Employees International Union have donated between $140 and $250 million, according to data obtained by the Times.
Projected Totals
One analyst predicted that these outsider groups will likely raise upwards of $3 billion for Biden’s run by the time November rolls around.
Controversial Contributions
There’s also a controversial source of funds for Biden’s campaign, according to CNBC – a source that Trump will not be happy about.
Nikki Haley Donors Switch Sides
Apparently, half a dozen of Nikki Haley’s big-money donors are now contributing to the Biden campaign. A lot of these are business Republicans who went off Trump due to his tactics throughout the primaries.
How Messaging Drove Donors Away
According to some of these donors, Trump’s January message on social media prompted the majority of the departures and made it easier for Biden’s camp to win them over.
Trump wrote, “Anybody that makes a “Contribution” to Birdbrain [Haley], from this moment forth, will be permanently barred from the MAGA camp. We don’t want them, and will not accept them, because we Put America First, and ALWAYS WILL!”
Concerns Over Contribution
Many other typically Republican big-money donors are reluctant to donate to Trump’s campaign because they’re concerned that their money could go to foot Trump’s legal bills rather than toward the party.
Donor Fatigue
Trump is also facing a drought of small-dollar donations, which political analysts blame partly on donor fatigue and partly on other economic issues.
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The post Biden Raises $53M in Strongest Grassroots Fundraising Month Yet first appeared on From Frugal to Free.
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The content of this article is for informational purposes only and does not constitute or replace professional financial advice.
