President Joe Biden’s 2024 Re-Election Fundraising and Challenges

President Joe Biden’s 2024 reelection campaign is currently in progress, and it is characterized by both notable fundraising success and difficulties. This article delves into the recent fundraising achievements, concerns surrounding Biden’s age and approval ratings, and the road ahead for his campaign as he navigates a complex political landscape.

As President Joe Biden charts his course for a potential 2024 re-election bid, one of the paramount aspects under scrutiny is his fundraising prowess. With low approval ratings and concerns about his age, Biden and his party have recently reported raising a substantial $71 million during the latest quarter.

Joe Biden's
U.S. President Joe Biden addresses the nation on averting default and the Bipartisan Budget Agreement, in the Oval Office of the White House in Washington, D.C., June 2, 2023.
Pool | Via Reuters

This achievement is strikingly similar to the $72 million garnered in the previous quarter, with an interesting twist – the April-to-June period was shorter by 25 days, thanks to Biden’s late April campaign launch. Despite this, the July-to-September timeframe, over a year before the election, is traditionally seen as a sluggish period for fundraising.

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Fundraising Success and Concerns

The Democratic re-election effort has displayed considerable financial strength, closing the latest quarter with $91 million in cash on hand, distributed across various party-affiliated fundraising entities. This financial cushion will undoubtedly be pivotal for the campaign in the months to come.

However, concerns loom over President Biden’s age and his approval ratings. At 80 years old, he faces skepticism about his ability to lead for another four years. Recent polls reveal unease among Democratic voters and the broader electorate.

Campaign Strategy and Spending

Biden’s campaign, headquartered in his hometown of Wilmington, Delaware, has outlined its plan to utilize the funds raised for critical purposes. These include expanding the campaign staff, organizing in competitive states, and launching advertising campaigns. In the coming weeks and before year-end, further hiring efforts are expected as the campaign gears up to face its probable rival in the November 5, 2024 election, former President Donald Trump.

Comparisons with Past Campaigns

In comparing fundraising figures, it’s essential to acknowledge that direct comparisons with previous Republican rivals can be challenging. Biden’s campaign includes party accounts controlled by his allies, while Republicans are currently engaged in internal competition, directing campaign funds toward their primary races. For context, former President Trump and the Republican National Committee managed to raise an impressive $125 million in the third quarter of 2019 for their re-election campaign.

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Challenges and Future Outlook

Despite the campaign’s impressive fundraising abilities, a recent Reuters/Ipsos poll found that only 40% of Americans approve of President Biden’s performance, placing his popularity near its lowest point during his presidency. The President is balancing the rigors and travel demands of a campaign with a bustling period in Washington, marked by a series of critical issues and events.

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In this year’s State of the Union Message, Joe Biden sounded reasonable, centrist, constructive, and passionate.
Photograph by Jacquelyn Martin / Getty 

In an effort to boost grassroots fundraising, Biden’s campaign has organized numerous fundraisers, focusing on wealthier donors while concurrently aiming to engage smaller-dollar donors as a signal of campaign enthusiasm. This strategy aligns with the successful formula that contributed to Biden’s record-breaking $1 billion fundraising haul in 2020, with a significant portion of funds originating from small online donations.

Conclusion

As President Joe Biden marches forward with his 2024 re-election campaign, the interplay of fundraising accomplishments and concerns about his age and approval ratings will continue to shape the political landscape. With a sizeable financial base and a strategy focused on appealing to a broad spectrum of donors, his campaign remains a key player in the unfolding political narrative.

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