In March, President Biden and the Democratic Party raised over $90 million, bringing their total cash on hand to $192 million. This fundraising total far surpasses the amount reported by former President Trump, demonstrating Biden’s financial advantage in the upcoming election. Since the start of his reelection campaign, 1.6 million Americans have donated to Biden, showcasing broad support for his candidacy. Rufus Gifford, the Biden campaign’s finance chair, emphasized the importance of these financial investments over polling numbers that show Biden trailing Trump. The president’s fundraising success was boosted by a $26 million event at Radio City Music Hall featuring former Presidents Obama and Clinton, as well as a $10 million haul after his State of the Union address.
In response to Biden’s fundraising momentum, Trump has increased his own fundraising efforts, hosting wealthy donors at Mar-a-Lago and raising $65.6 million in March, his best month so far. Trump’s campaign plans to out-raise Biden with a major fundraiser in Palm Beach. However, Biden’s successful fundraising in March may dampen Trump’s spirits and give his campaign momentum moving forward. Jeffrey Katzenberg, a co-chair of the Biden campaign, expressed confidence in the campaign’s fundraising outcomes and highlighted the support for the president and vice president.
While having the most money is beneficial, it does not ensure victory in the election. Despite Biden’s financial advantage, signs indicate that Trump may continue to increase his fundraising efforts. March was the first month that Trump, now the presumptive nominee for his party, began raising money in joint accounts with the Republican National Committee, allowing for larger donations than he was permitted during the primary. The cash on hand for Trump, the R.N.C., and their shared accounts doubled going into April, bringing their total to $93.1 million, although still significantly less than Biden and the Democrats.
Overall, Biden’s successful fundraising in March, including high-profile events and grassroots donations, has solidified his financial advantage over Trump as the election approaches. The campaign’s broad base of support, represented by 1.6 million donors, demonstrates momentum and enthusiasm among Democrats. While Trump has also ramped up his fundraising efforts, Biden’s substantial lead in cash on hand provides a significant advantage leading into the next phase of the campaign. As the election unfolds, the influence of these fundraising totals on the candidates’ strategies and messaging will continue to be a key aspect of the race.
