CNBC Gives Up Date On Fundraising Numbers
The 2024 presidential race is shaping up to be a nail-biter, and there are several critical factors that need to align for President Joe Biden to secure re-election. Let’s break down the key elements and the current state of play.
First up, keeping minority voters engaged and ensuring they turn out on Election Day is crucial for Biden. Additionally, the President needs to avoid any major gaffes during debates or significant speeches. But perhaps most importantly, maintaining a fundraising advantage is essential.
Historically, a significant financial edge has been pivotal. In 2016, despite a hefty campaign war chest, Hillary Clinton couldn’t topple Donald Trump. Conversely, Biden’s narrow victory in 2020 was bolstered by a massive lead in campaign fundraising.
Initially, it seemed like Biden was on track for another financial advantage in 2024. But recent developments have thrown a wrench in the works. Data shared by Biden’s campaign indicate that the President and the Democratic National Committee raised $85 million combined in May. However, Trump and the Republican National Committee pulled in a whopping $141 million during the same period.
According to Politico, Biden’s allies are bracing for a tough fight without the benefit of a financial cushion. Trump’s recent felony convictions haven’t hampered his fundraising prowess—in fact, they’ve fueled it, erasing Biden’s early financial edge. On Thursday, filings with the Federal Elections Commission revealed that Trump now has more cash on hand, with his campaign and the RNC holding $116.5 million compared to the Biden/DNC’s $91.6 million.
While Biden’s camp tries to downplay Trump’s financial surge, there’s a sense of unease. An anonymous Biden fundraiser told Politico, “The whole point of it was to come out with a sizable cash advantage and, you know, we’re now even and it’s June. … I have no other word for it other than ‘depression’ among Biden supporters.”
Others in Biden’s circle insist it’s all part of the plan, highlighting that the early funds allowed the campaign to build out field offices and ground operations, which Trump can’t easily replicate. Quentin Fulks, Biden’s deputy campaign manager, emphasized that their investments are focused on field operations rather than matching Trump dollar-for-dollar.
Despite these reassurances, there are significant concerns. Firstly, the impact of these early investments isn’t clearly reflected in swing state polling, where Trump continues to hold an edge. Secondly, a substantial financial advantage was deemed necessary to counter Biden’s historic unpopularity and Trump’s ability to command attention and rally support without spending as much.
Democrat strategist Hank Sheinkopf expressed concern over Trump’s financial surge, noting, “What Democrats should worry about is that it’s even within distance — that the money is going on at Trump’s side at such a clip. You would think a guy who’s convicted of crimes would be nowhere, but he’s everywhere financially. And that is a real problem for Democrats.”
The financial disparity is particularly troubling given Biden’s low approval ratings and weak performance in minority polls. The President’s campaign desperately needs more funds to sustain its efforts and effectively combat Trump’s momentum.