President Joe Biden had a successful fundraising month in March, raising over $90 million for his reelection campaign and the Democratic Party. The campaign announced it had a total of $192 million cash on hand, the highest amount ever amassed by a Democratic candidate at this point in the election cycle. This fundraising success was credited to small-dollar donors and building a strong grassroots fundraising machine.
In contrast, Donald Trump’s campaign and the Republican National Committee raised significantly less in March, with a combined total of $65.6 million. This leaves Trump at a disadvantage compared to Biden in terms of funding. Biden’s fundraising efforts were nearly double what he raised in March 2020 during his first campaign against Trump. The fundraising numbers suggest a strong desire among donors to prevent Trump from securing a second term.
Despite facing challenges such as low approval ratings and close races in battleground states, Biden’s campaign remains optimistic about its fundraising success indicating ongoing support from donors. The campaign hosted successful fundraisers with former Presidents Barack Obama and Bill Clinton, raising significant amounts of money. Biden has also been effective in engaging donors through intimate, closed-door fundraisers where he has been critical of Trump.
The success of Biden’s fundraising efforts is driven by grassroots donors, with 96% of first-quarter donations being under $200. The campaign saw an influx of new donors this cycle, with about 40% of donors being new compared to 2020. This boost in fundraising is attributed to more voters paying attention to the upcoming election and the importance of preserving American democracy.
Looking ahead, Biden’s campaign is focused on expanding its organizational capacity in key battleground states. In March, the campaign opened over 100 new brick-and-mortar offices and hired over 350 new team members. Additionally, the campaign launched a $30 million paid media campaign on digital and television platforms. The fundraising numbers in March are seen as a positive sign for the campaign’s prospects in the upcoming election.
