US Markets
Monday, January 15th, 2024 4:04 pm EDT
Key Points
- Successful Fundraising Quarter: President Joe Biden’s reelection campaign reported a significant achievement in fundraising by receiving over $97 million in contributions during the fourth quarter of 2023. This success has bolstered Biden and Vice President Kamala Harris’ political operation with a total campaign war chest of $117 million. The funds are aggregated from multiple entities, including Biden’s campaign, two joint fundraising committees, and the Democratic National Committee.
- Online Fundraising Strategies: Biden’s campaign emphasized the importance of online fundraising strategies in their overall approach. One notable example cited is the “Cup of Joe” contest, which allowed participants the opportunity to meet with both Biden and Harris. This initiative alone contributed over $3 million to the campaign. The focus on digital platforms and interactive campaigns showcases the campaign’s adaptability and effectiveness in engaging with supporters.
- Challenges Amid Approval Decline: Despite the successful fundraising efforts, the article highlights challenges faced by President Biden, particularly in the form of declining approval ratings. Biden’s approval numbers dropped to 40% in a November survey by NBC News. The $117 million campaign war chest is positioned as crucial resources for the reelection effort in the face of a challenging political landscape. The article draws a comparison with former President Donald Trump’s 2019 fundraising figures, noting that Trump and the Republican National Committee reported a combined haul of $125 million in the fourth quarter of that year, slightly exceeding Biden’s reported $97 million. The financial comparison sets the stage for the upcoming presidential race, where fundraising will play a pivotal role.
President Joe Biden’s reelection campaign reported receiving over $97 million in contributions during the fourth quarter of 2023, positioning his political operation with $117 million in their campaign war chest as they enter a crucial year. This substantial amount, encompassing contributions to Biden’s campaign, two joint fundraising committees, and the Democratic National Committee, comes at a pivotal time as Biden faces declining approval ratings, dropping to 40% in a November survey by NBC News. Despite the challenges, Biden’s campaign emphasized the importance of early and sustained support across their coalition, enabling the scaling of their growing operation and outreach to key communities. The campaign attributed a significant portion of their fundraising success to online efforts, highlighting initiatives like the “Cup of Joe” contest, which raised over $3 million and provided participants the opportunity to meet both Biden and Vice President Kamala Harris.
In addition to boosting their financial resources, Biden’s political operation expanded its email list by 15% during the fourth quarter, creating potential future donors. The focus on growing their supporter base strategically positions the campaign for continued fundraising success as the election season progresses. While Biden’s likely rival, former President Donald Trump, has not disclosed his fundraising figures for the last quarter, a point of comparison from 2019 reveals that Trump and the Republican National Committee reported a combined haul of $125 million in the fourth quarter, surpassing Biden’s $97 million. Trump’s reelection effort in 2019 started the following year with $156 million in cash on hand, presenting a contrast to Biden’s current $117 million. As the campaigns gear up for the upcoming elections, fundraising efforts and financial resources will play a critical role in shaping the political landscape.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/01/15/biden-raises-over-97-million-in-fourth-quarter-117-million-on-hand.html
