Feb 20, 2024 - Politics & Policy

Biden's colossal cash advantage

President Joe Biden delivers remarks in the Diplomatic Reception Room of the White House on February 8, 2024 in Washington, DC.

President Biden at the White House earlier this month. Photo: Nathan Howard/Getty Images

President Biden's re-election team now has $130 million in the bank, while the Republican National Committee has little cash and Donald Trump's team is spending tens of millions on legal bills.

Why it matters: Despite Democratic angst over the president's poor polling, the Biden campaign announced Tuesday morning that it raised $42 million in January — adding to his vast fundraising advantage over Trump and the RNC.

  • The RNC started the year with over $8 million in cash on hand and Trump's campaign had $33 million on hand. Neither has released their fundraising totals for January.
  • Biden, the DNC, and other affiliated committees continued to rake in contributions while his Republican rivals still attack each other — and Trump's legal challenges show no signs of going away.

State of play: Nikki Haley raised $16.5 million in January, including $11.7 million from grassroots supporters, according to her campaign.

  • Trump's political fundraising apparatus spent more than $50 million on legal costs last year.
  • Trump hasn't wrapped up his party's nomination. But he is already plotting to kick out RNC leadership and install his own people — including top campaign aide Chris LaCivita, who'll also retain his campaign hat.

Reality check: Incumbent presidents often have a financial advantage going into an election year — as Trump and the RNC did against Democrats at this point in 2020 before Biden ultimately made up ground.

What they're saying: "While Team Biden-Harris continues to build on its fundraising machine, Republicans are divided — either spending money fighting Donald Trump, or spending money in support of Donald Trump's extreme and losing agenda," said Julie Chávez Rodríguez, Biden-Harris 2024 campaign manager.

By the numbers: In January, some 422,000 different donors made 502,000 contributions to Biden's reelection effort, the campaign said.

  • In total, the campaign has received contributions from 1.1 million donors.
  • Since Biden launched his reelection campaign, approximately 97% of all their donations have been under $200.
  • Along the way, the campaign added more than 1 million emails to its mailing list.
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