An unexpected narrative is unfolding as the 2024 election cycle shifts into high gear. Joe Biden is struggling to match the fundraising pace set by his potential Republican rival, President Donald Trump. Despite a concerted effort, Biden’s re-election campaign ended last month with about $20 million in the bank. However, Trump tallied in excess of $22 million, according to recent financial disclosures.
Historical comparisons magnify this stark contrast in fundraising aptitude. At a similar point in their re-election campaigns, President Obama had $37 million, and Trump himself had amassed over $56 million in June 2019. This time, however, Biden’s efforts seem less than stellar.
Biden Trails Far Behind President Trump As Campaign Donations Pile Up https://t.co/LkapEtvC82
— Rightwingmadman (@Rightwingmadman) July 17, 2023
Biden’s campaign quickly noted that, along with the Democratic Party’s accounts, their combined war chest totals $77 million. However, that sum pales compared to Trump’s campaign and political action committee, which raised over $35 million in just the second quarter of 2023. Even among the Democrats, Biden’s fundraising has lagged, with Robert F. Kennedy Jr. reportedly raising over $6 million through June alone.
The financial disclosures filed to the Federal Election Commission foreshadow a challenging money race for the November 2024 presidential election. The race isn’t limited to the two 2020 contestants. Trump’s leading 2024 GOP rival, Florida Gov. Ron DeSantis, has about $12 million in his campaign account. This sum is considerably less than the $21 million Sen. Tim Scott (R-SC) held. Yet, the DeSantis campaign has shown resilience, raising $20 million in total since his campaign launch.
On the Democrat front, Biden’s “slow start” on the campaign trail is fueling anxiety among donors. A CNN report detailed that the shortage of campaign staff and the sluggish fundraising since Biden announced his re-election bid are causing alarm. This concern is only exacerbated when compared to the $86 million Obama raised for his re-election campaign at a similar stage in 2011.
Donor confidence seems to waver when faced with Biden’s age and perceived fitness for another grueling campaign season. Conversations around the President’s ability to endure another term persist. Some Democratic insiders question the wisdom of rallying behind an 80-year-old incumbent when fresh faces are ready to take up the party’s banner.
Despite these doubts, it is essential to remember that the race has only just begun. The final stretch leading to the November 2024 elections is still far off. Meanwhile, Biden’s campaign will continue pushing for more donations and solidifying its foundation. But as the clock ticks down, the pressure intensifies.