President Joe Biden raised over $90 million for his reelection campaign and the Democratic Party in March, making it the highest total amassed by any Democratic candidate in history at this point in the cycle. The campaign has a war chest of $192 million cash on hand and boasted its strongest grassroots fundraising month since launch. In comparison, Donald Trump’s campaign and the Republican National Committee ended March with a combined $65.6 million fundraising haul and $93.1 million cash on hand, signaling a significant gap between the two candidates.
Biden’s fundraising success in March was largely attributed to small-dollar donors, showcasing the campaign’s robust grassroots fundraising machine and a significant pro-Biden list. The campaign’s focus on building relationships with grassroots donors has paid off with an increased lifetime value of donations. In contrast, Trump’s fundraising strategy primarily revolves around billionaire donations, with the former president relying on high-dollar fundraisers to boost his campaign funds.
Despite facing persistently low approval ratings and close races in battleground states, the March fundraising numbers offer a positive outlook for Biden’s campaign. Surveys in crucial states like Michigan and Pennsylvania show both candidates in a dead heat, emphasizing the importance of fundraising efforts in securing a victory in November. Biden has been crisscrossing the country while highlighting his record on various issues and pitching the upcoming election as crucial for American democracy.
Biden’s successful fundraising efforts in March highlight donors’ eagerness to prevent Trump from securing a second term, signaling strong support for his return to the White House. The campaign’s emphasis on grassroots donations has paid off, with 96% of first-quarter donations under $200 and a significant portion of new donors compared to the 2020 election cycle. The early fundraising success is seen as a positive indicator for the rest of the year, with the campaign expecting larger money hauls in the final months leading up to the election.
The campaign is ramping up spending in key battleground states, expanding its organizational capacity online and physically. In March, over 100 new brick-and-mortar offices were opened, and more than 350 new team members were hired. Additionally, a $30 million, six-week paid media campaign was launched on digital and television platforms. Biden’s State of the Union address and successful fundraising events with former Presidents Obama and Clinton have further contributed to the momentum of the campaign as it prepares for the upcoming election.
