Biden Campaign Raises $97M in Q4 of 2023

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Facts

  • Pres. Joe Biden’s re-election campaign raised over $97M in the fourth quarter of 2023 and had $117M in cash heading into 2024, which it claimed was a record for a Democratic presidential candidate.1
  • In its announcement on Monday, the president’s campaign said it had entered last year’s final quarter with $91M in the vault, fueled by $71M raised in the third quarter.2
  • Most GOP presidential candidates, including frontrunner Donald Trump, have yet to release their fundraising figures for Q4 of 2023. The deadline to submit quarterly financial reports is Jan. 31.3
  • According to the Biden campaign, former Democratic presidential candidates Barack Obama and Hillary Clinton each raised about $67M in the final quarter of 2011 and 2015, respectively.4
  • The Biden campaign held star-studded events with celebrities such as James Taylor, Steven Spielberg, and Barbra Streisand. However, the majority of donations, more than 97%, were grassroots contributions of under $200.5
  • Meanwhile, according to a recent ABC News/Ipsos poll, Pres. Biden has a 33% approval rating, the lowest figure since that of George Bush between 2006 and 2008.6

Sources: 1Associated Press, 2USA Today, 3CNN, 4Forbes, 5NY1 and 6TheHill.

Narratives

  • Democratic narrative, as provided by Vanity Fair. Despite all the naysayers, Pres. Biden continues to show that he is a political force. The fact that more than 520K voters made over 900K donations to his fundraising haul, and that his campaign raised nearly $100M in just three months, shows the Democratic presidential candidate’s support among a plethora of Americans. Meanwhile, Trump has significantly less money and is wasting resources on legal battles and primary fights. All of this bodes well for Biden's 2024 chances.
  • Republican narrative, as provided by Daily Caller. All of the money in the world can’t shield Pres. Biden from the effects of his immense unpopularity. Hollywood elites may be rallying around the incumbent president and his failed policies, but a vast majority of Americans are fed up with record inflation and the surging migrant crisis. While the Biden campaign may claim it has created a fundraising record, it fails to acknowledge how much less that money is worth, thanks to inflation. Voters, not donors, will determine the 2024 election.

Predictions