The Biden 2024 campaign announced on Friday, July 14, 2023, that it had raised $72 million during the first quarter since the campaign launched. At the end of June, the campaign had $77 million in cash on hand. While this fundraising performance is strong, it falls short of breaking any records. In comparison, President Barack Obama raised $75 million in the first quarter of his 2012 re-election campaign.
The fundraising success of the Biden campaign is significant because it provides a solid financial foundation for the upcoming 2024 election. With the expectation that it will be one of the most expensive elections in American history, having a large amount of funds will be crucial for Biden to remain competitive.
Furthermore, the Biden campaign’s ability to raise substantial funds is indicative of the Democratic Party’s strength. In recent elections, the party has consistently outperformed the Republican Party in terms of fundraising. The Biden campaign’s strong performance aligns with this ongoing trend.
However, it is important to note that the 2024 election cycle is still in its early stages, and circumstances can change significantly in the time leading up to the election. Nevertheless, the fundraising success achieved by the Biden campaign provides a promising start and a solid foundation to navigate the long and challenging campaign that lies ahead.