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Biden Campaign's Financial Fortitude: $155M War Chest for 2024 Election

Biden Campaign's Financial Fortitude: $155M War Chest for 2024 Election
Jamie Kelter Davis for POLITICO

In a striking display of financial readiness, President Joe Biden's reelection campaign has announced a formidable $155 million in cash reserves, setting a new precedent for Democratic presidential candidates at this stage of the election cycle.

The Biden team's financial disclosure comes ahead of the Federal Elections Commission filing deadline, revealing a $53 million fundraising haul in February alone.

This sum represents contributions to the campaign, the Democratic National Committee, and joint fundraising committees.

The campaign's financial strength is seen as a direct counter to concerns about the upcoming general election, particularly in light of former President Donald Trump's expenditures on his campaign and legal battles.

Biden's campaign manager, Julie Chavez Rodriguez, expressed pride in the campaign's fundraising capabilities,

"We’re proud of the record-breaking fundraising machine we’ve built that is going toward reaching the voters about the stakes of this election – to expanding our footprint in the states, investing in paid media, and having our principals barnstorm the country," she stated.

The campaign also highlighted its grassroots fundraising success, with February marking its strongest month since the campaign's inception.

The Biden campaign has emphasized its grassroots support, with a significant portion of donations coming from small-dollar donors.

A fundraiser contest scheduled for the end of March, featuring appearances by Biden, former President Barack Obama, and former President Bill Clinton, has already attracted over $4 million in donations.

While the Biden campaign enjoys a cash advantage, Trump's campaign has yet to release its February figures. As of January's end, Trump's major committees reported $36.6 million in cash on hand, with expenditures outpacing income, largely due to legal fees from ongoing court cases.

The Democratic National Committee's leader, Jaime Harrison, contrasted the financial situations of the two campaigns,

"While Joe Biden and Democrats continue to put up historic grassroots fundraising numbers, Donald Trump and the RNC are in financial disarray," he said.

The DNC's messaging has focused on rallying support by emphasizing the high stakes of the 2024 election.

As the 2024 election draws nearer, the Biden campaign's financial prowess underscores the strategic planning and widespread support that could prove pivotal in the race for the presidency.

With a historic amount of cash at its disposal, the campaign is poised to make significant moves in the political arena, setting the stage for a highly anticipated electoral showdown.