President Joe Biden's campaign committee announced that it raised $19.9mn in the second quarter of this year. Although this amount falls short of the total he raised as one of many candidates in the 2019 Democratic primary, the campaign also reported raising an additional $52mn for Democratic Party groups. The combined fundraising efforts of Biden's campaign, the Democratic National Committee (DNC), and state Democratic Party organizations brought the total to $72mn for the second quarter.
The fundraising report highlights the fact that Biden and his team have not yet fully engaged in the 2024 campaign trail. Instead, they are relying on the DNC as the early staging ground for their upcoming campaign efforts. The president's campaign employed only four people: campaign manager Julie Chavez Rodriguez, deputy campaign manager Quentin Fulks, spokesperson Kevin Munoz, and general counsel Jennifer Maury Riggan.
While the campaign did not provide a breakdown of how the funds were distributed among the groups, the $20mn raised puts Biden slightly ahead of former president Donald Trump's campaign committee during the same period. However, it is worth noting that Florida Republican Governor Ron DeSantis managed to raise more funds in a shorter span of time as a declared candidate.
Compared to the second quarter of 2019, when Biden was competing for the Democratic presidential nomination, the current fundraising amount falls short by a few million dollars. It also pales in comparison to the $46mn raised by then-president Barack Obama's campaign committee during the equivalent quarter of his reelection bid 12 years ago.
Nevertheless, the circumstances surrounding Biden's fundraising efforts have changed. As the head of the Democratic Party, he is closely collaborating with the DNC and utilizing his time and resources to raise funds for both his campaign and the party. The money raised by the national party and the state Democratic Party committees will support Biden's 2024 campaign efforts nationwide, as well as those of other Democrats running for various offices.
Julie Chavez Rodriguez expressed her enthusiasm for the fundraising haul, stating that it would help the Biden campaign "build a strong foundation to win in 2024." The DNC had $27.2mn in its bank account as of June 30, and additional funds are expected to be allocated from a joint fundraising account to benefit both the campaign and the party.
At the end of the quarter, Biden's campaign had over $20mn in the bank, surpassing the account balances of all but two Republican presidential candidates, Donald Trump ($22mn) and South Carolina Senator Tim Scott ($21mn).
Out of Biden's total campaign contributions, slightly over $5.4mn came from donors who gave the maximum gift of $6,600 ($3,300 for the primary and $3,300 for the general election). These individuals will not be able to contribute again for the 2024 election.
During the second quarter, the Biden campaign spent $1.1mn, with a significant portion allocated to "service fees" paid to the online fundraising program ActBlue. Other major expenses included $226,000 for text message outreach, $98,000 for legal services, and $96,000 for contribution refunds, typically issued when a donor exceeds the legal contribution limit.
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