The Biden reelection campaign and the Democratic National Committee announced that they raised over $90 million in March, ending the first quarter with more than $192 million in cash on hand. This further solidifies their financial advantage over Donald Trump and the Republicans. The campaign reported collecting $187 million from January through March, with 96% of donations being less than $200. A significant portion of this total came from a fundraising event at Radio City Music Hall in Manhattan featuring former Presidents Barack Obama and Bill Clinton, which raised over $26 million. In contrast, Trump is expected to raise $43 million at a gathering of major donors at billionaire John Paulson’s Florida home.
Biden’s campaign credits the pace of donations for allowing them to launch major digital and television advertising campaigns in key states and collaborate with the DNC and state parties to mobilize supporters ahead of the November election. The $192 million-plus cash on hand as of March 31 is the highest ever by any Democratic candidate, with 1.6 million people donating to the campaign since Biden announced his reelection bid in April 2023. The campaign also saw a spike in donations, raising more than $10 million in the 24 hours following the president’s State of the Union speech in March.
Campaign manager Julie Chavez Rodriguez emphasized the historic fundraising efforts, highlighting the focus on building a winning operation by reaching out to key voters through various means. She contrasted this with Trump’s financially strained operation, which is reportedly using limited and billionaire-reliant funds to cover legal fees. Despite facing four criminal indictments, Trump and the Republican National Committee raised $65.5 million in March with $93.1 million on hand. Although Trump’s campaign officials do not expect to match the Democrats in fundraising, they believe they will have enough resources to run a competitive campaign.
The Biden campaign attributes the strong fundraising success to enthusiasm for the president, despite low approval ratings and polls indicating a preference among voters for avoiding a 2020 rematch. The fundraising efforts have allowed for a robust operation, including offices across the country, staff in battleground states, and a paid media program to reach voters effectively. With the financial advantage over Trump, the Democrats are confident in their ability to run a successful campaign leading up to the election. Both campaigns are gearing up for what promises to be a competitive and closely-watched electoral battle for the presidency.
