Former US President Barack Obama (L) and former US President Bill Clinton (R) cheer for US President Joe Biden during a campaign fundraising event at Radio City Music Hall in New York City on March 28, 2024.
Brendan Smialowski | Afp | Getty Images
Buoyed by an energetic State of the Union address to Congress and some extra presidential star power, the Biden campaign and its affiliated fundraising groups raised $90 million in March, nearly equaling what they raised in the first two months of 2024 combined.
The Democrats’ strong end to the first fundraising quarter gives the Biden operation a combined $192 million in the bank for the next seven-plus months of the race, a figure that has continued to grow even as the campaign ramped up its spending. It comes as former President Donald Trump’s campaign is only starting to kick its fundraising operation into high gear.
Most of the $26 million raised for the March 28 “Three Presidents” fundraiser, which featured Presidents Joe Biden, Barack Obama and Bill Clinton as well as musical performances from Lizzo, Queen Latifah and others, came in over the course of March. But the campaign also said it set internal records with small-dollar fundraising bursts during and after Biden’s State of the Union address on March 7.
The Biden campaign says it has doubled the size of its email list since the start of the year, helping drive 1.9 million contributions in the first three months of the year from 1.1 million individual donors, most of which were in amounts under $200.
Filings detailing the Biden campaign’s cash position in March are not due until April 20.
The campaign also says it now has 212,000 “sustaining donors,” who commit to regularly donating a certain amount through the end of the campaign.
The Trump campaign has not yet reported its March fundraising. But it’s aiming to cut into Biden’s cash advantage quickly after dispatching Trump’s GOP primary opponents last month — including looking to outstrip Biden’s haul from the three presidents extravaganza in a single stroke this week.
Billionaire hedge fund investor John Paulson is hosting an event for Trump in Palm Beach, Florida, on Saturday, which is expected to raise at least $50 million across committees that collect for Trump’s campaign, his super PAC, the Republican National Committee and state Republican parties. The elite bundlers who qualify for “Trump Victory Trust” status will have to raise at least $2.5 million apiece for the former president.
Both candidates are raising money that can be used not just for their campaigns but also for the national party committees and state parties. Because super PACs can take in unlimited contributions, the numbers from one fundraiser to another may not be directly comparable.
The Biden campaign says that a majority of its fundraising has now come from “grassroots” donors, and it’s embracing the contrast with Trump’s weekend event.
“In many ways, this is kind of the election. It’s an engaged group of millions of people who are rolling up their sleeves and donating $5, $10 at a time, versus Donald Trump and his buddies who he wants to cut taxes for,” Rob Flaherty, the deputy campaign manager, said in an interview. “Who cares what he and a couple billionaires are able to have fall out of the sofa cushions. We’ve got a sustainable grassroots base that’s carrying us.”
