The campaign of President Joe Biden announced that it has raised $97 million in the last three months of 2023, beginning 2024 with donations amounting to $117 million. This surpasses the fundraising amount collected by any Democratic presidential candidate at this stage of the campaign, including former President Barack Obama. It is also larger compared to what was raised by the previous President Donald Trump’s campaign, the Republican candidate, and other Republican contenders.

This comes with the launch of the primary election season, leading up to the presidential elections in November. Biden’s campaign managed to raise these "record" donations amidst Democratic voters’ concerns regarding the President's age, mental and physical health, verbal gaffes, as well as economic concerns and rising prices, coupled with the increasing anger over the Biden administration's handling of the war in Gaza.

The Biden campaign attributed this significant fundraising success to the strong and growing enthusiasm among Democratic voters and the success in attracting major donors in Washington, Boston, and California to donate to Biden's campaign in support of his second-term bid.

$235 Million Since April

Julie Chavez Rodriguez, Director of Biden's campaign, stated that the campaign raised $77 million in the second quarter of 2023, which increased to $91 million in the third quarter, culminating in a total of $117 million in donations by the end of the fourth quarter. She indicated that the campaign had collected $235 million since its launch in April.

The campaign relied heavily on promoting among individual voters, with approximately 97 percent of total donations being under $200, averaging $41.88 per donation. There were 130,000 individuals who pledged to donate monthly to Biden's reelection efforts, nearly double the number in the same period of the 2020 elections. Rodriguez pointed out that December was the strongest month in fundraising to date, stating, "The donations included contributions to Biden's campaign, to the Democratic Party committees and various state and national party committees, giving Biden a significant advantage over potential Republican contenders who continue to compete against one another for the party's nomination."

The campaign's senior communications advisor stated, "While most Republicans are yet to announce their fundraising numbers, we expect to significantly outpace them in donation amounts."

Comparing Biden and Obama, Obama's reelection campaign in 2012 had $95.3 million at the start of his reelection year. Obama's fundraising approach was less dependent on party committees and focused more on individual donors.

Biden advisors note that their current email list is larger than any Democratic president in history, with a 15 percent increase in active subscribers over the last three months of the year.

The Biden campaign reported that over a million supporters had made a contribution by the end of 2023. By comparison, at the end of 2012, Obama's campaign had received donations from 1.3 million individuals. The campaign mentioned that Biden held 39 out of 110 fundraising events in the last three months of 2023. By the end of 2023, major entities and donors contributed $117 million in cash to Biden's campaign, with spending being significantly lower than Obama's in 2012 and Trump's in 2020. The Biden campaign and affiliated committees chose to focus early on advertising instead of hiring staff, spending nearly $28.5 million on ads during the last year.

Analysts say incumbents historically enjoy a significant advantage in the year leading up to their reelection as they don't have to spend much to win their nominations. With no serious contender in the Democratic primaries, Biden can save funds and spend sparingly, while Republican opponents spend their resources promoting themselves and attacking their rivals in the quest for the final showdown in November 2024.

The challenges Biden faces include those from Representative Dean Phillips (D-MN) and author Marianne Williamson, but neither has shown much strength in public opinion polls. Both campaigned in New Hampshire, which will hold the first primary in the country on January 23, but Biden's name will not appear on that ballot, and the results will not directly impact the Democratic delegate selection for the convention. The first officially recognized Democratic contest will take place on February 3 in South Carolina.

Democrats are increasingly concerned about a possible rematch between Biden and Trump, as polls show a close race between the two. Voter concerns about Biden's age are consistently rated as a more significant issue for the 81-year-old president compared to the 77-year-old Trump.

Biden has hosted several special events at the White House for major donors and other supporters to reassure them regarding his reelection campaign, including concerns about his age and energy, with discussions covering a wide range of topics such as handling Trump, the situation in Gaza, and abortion rights.

These concerns have not deterred major donors from writing significant checks to Biden's campaign. Analysts say the campaign relies on a strategy of fear of the risks of Trump returning to power and the importance of defeating the extreme Republican agenda led by Trump's "Make America Great Again" movement.