2024 Money Wars: Key Deadline Approaches

President Joe Biden's campaign, in partnership with the Democratic National Committee (DNC) and joint fundraising committees, announced a record-breaking fundraising haul of over $72 million from April to June. This amount far exceeds the fundraising totals of former President Donald Trump and other leading Republican presidential candidates. The campaign reported a combined $77 million in cash on hand at the end of the reporting period, although the breakdown between the campaign and committees was not disclosed.

Julie Ch??vez Rodr?­guez, Mr. Biden's campaign manager, highlighted the stark contrast between the Democrats' fundraising success and the Republicans' divisive primary focused on extreme positions. She emphasized that the campaign is significantly outpacing its Republican counterparts.

While the fundraising total falls short of what Trump and his allies collected during the same period in his 2020 re-election campaign, it provides a boost for Democrats concerned about Biden's sagging approval ratings. The substantial financial support from the party's donor class reaffirms Biden's appeal to working people and everyday heroes, according to Henry R. Mu?±oz III, a former Democratic National Committee finance chairman.

It is important to note that comparisons to previous fundraising efforts, such as those of former President Barack Obama in 2011, are imprecise due to changes in campaign finance laws that allow joint fundraising committees and larger single donations.

Furthermore, Biden had a later start to his fundraising efforts compared to Trump, with the former president actively soliciting money for his campaign since his inauguration in 2017. Biden's campaign did not hold significant fundraising events until June, where he met with major donors in San Francisco and Chicago.

Although specific details about the campaign's finances were not disclosed, the Biden campaign highlighted the success of online advertising programs and the support from over 394,000 donors. They noted that half of the merchandise sold in the campaign's online store features Biden's campaign slogan.

Biden's fundraising success reflects a shift in donor support following his emergence as the Democratic Party's de facto presidential nominee in 2020. Despite being a less prolific fundraiser before his nomination, Biden has become a magnet for donors large and small, with 97% of the recent donations coming from small-dollar donors.

On the Republican side, Trump's joint fundraising committee reported raising $35 million in the second quarter, while Florida Governor Ron DeSantis announced $20 million in contributions. Other Republican presidential candidates, including former Vice President Mike Pence and former Governor Chris Christie, have not disclosed their fundraising totals.

The full reports on all federal candidates' campaign finances, including spending and the proportion of small donors, are due to be filed with the Federal Election Commission on Saturday. These reports will provide a comprehensive overview of the financial landscape of the 2024 presidential race and offer insights into each campaign's strategies and resources.