Jul 17, 2023 - Politics & Policy

Charted: Biden's inflation-adjusted war chest

Q2 campaign fundraising for select incumbent presidential candidates
Data: FEC; Chart: Tory Lysik/Axios Visuals

The Biden campaign and the Democratic National Committee clearly outraised all of their potential Republican challengers.

Yes, but: Just as plainly, they raised less than incumbent presidents at similar stages in their campaigns — and those shortfalls become even more pronounced when inflation is factored in.

Why it matters: Fundraising totals provide a snapshot for which campaigns will have the resources to go the distance. But they are also a barometer for party enthusiasm about a candidate.

By the numbers: Adjusted for inflation, former President Obama and the DNC raised $116 million in Q2 of the year before his (successful) re-election campaign, compared to Biden’s $72 million.

  • President Trump and the Republican National Committee raked in $124 million in 2019, adjusted for 2023 dollars.

What they are saying: “The campaign has been focused on early grassroots action, expanding its fundraiser network, running an efficient campaign that minimizes hard costs, and taking advantage of the infrastructure that comes with the campaign’s historic partnership with the Democratic National Committee,” said Kevin Munoz, a campaign spokesperson.

  • "While Republicans burn the little cash they've raised, we are raising the money we need in order to run a winning campaign," he said.
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