Jan 15, 2024 - Politics & Policy

Biden camp has $117 million post-fundraising blitz

Joe Biden waving at reporters outside the White House

President Biden at the White House on Saturday. Photo: Chris Kleponis/CNP/Bloomberg via Getty Images

President Biden raised over $97 million for his re-election effort in the final three months of 2023, his campaign announced Monday morning.

Why it matters: It's Biden's strongest fundraising quarter yet and he enters an election year with $117 million cash on hand — likely to give him an advantage over his potential Republican rivals.

Between the lines: The Biden team continued to ramp up its spending in the second half of the year.

  • The Biden team spent 73% of the money it raised in the fourth quarter, slightly lower than the 80% burn rate in the third quarter.

Of note: The Biden campaign and the associated committees raised less than former President Trump's re-election campaign did at this point four years ago, but more than then-President Obama's re-election campaign at this point.

  • Trump raised $154 million in the fourth quarter of 2019 and had $195 million cash on hand going into 2020.
  • In the fourth quarter of 2011, Obama raised $68 million and had $81 million in the bank at the beginning of 2012.
  • Most of the Republicans running for president have not yet announced their fundraising numbers, but they will be disclosed this week.

By the numbers: The campaign said a fundraising contest to meet Biden and Vice President Kamala Harris earned the campaign over $3 million — besting a similar contest in the third quarter to meet Obama and Biden, which raised $2.5 million.

  • Biden's team said they have held 110 fundraisers since announcing the re-elect and 39 of them were in the fourth quarter.
  • In the fourth quarter, more than 520,000 people gave to the campaign, Biden's team said.

What they're saying: Biden campaign manager Julie Chavez Rodriguez said the money raised sends a "clear message: the Team Biden-Harris coalition knows the stakes of this election and is ready to win this November."

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