The 2024 Presidential Candidate Fundraising Numbers Are out and Biden's Campaign Shouldn't Brag

AP Photo/Evan Vucci

How much are the candidates fundraising? Thanks to filings over the weekend we now know and there are quite a few things we can take away from the data, including the fact that it's not exactly great news for the Democrats. 

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First, let's take a look at the GOP field. 

According to the Wall Street Journal, the filings show that former President Donald Trump is leading the pack in terms of donations, and not by a little: 

Fundraising reports filed over the weekend show how crucial outside groups would be to defeating Trump in the primary. Fueled heavily by small donors, Trump’s campaign raised about $25 million between July 1 and Sept. 30, while DeSantis’s, the next highest, raised $11 million. Anyone can give a maximum of $3,300 for the primary to candidates’ campaign accounts, while wealthy donors can pour millions of dollars to candidate-aligned so-called super political-action committees.

Some donors are withholding their money from the runner-ups over the idea that this is already decided and that Trump is the GOP nominee in waiting. Having still felt the sting from 2016, they're apparently not too enthusiastic about their chosen candidate's chances given the poll numbers showing Trump with an incredibly wide lead just three months out till voting occurs: 

“It’s becoming clear the cavalry’s not coming,” said Ken Spain, a longtime GOP strategist who advises the business interests on Washington. “The donor community has come to recognize the strength of Trump and the difficulty in dislodging a major part of the base from him. You’re tilting at windmills if you try.”

Rob Collins, who co-chairs a super PAC supporting South Carolina Sen. Tim Scott, wrote in a new memo to donors that it was making a move that “would be obvious in the business world” by canceling much of its planned advertising this fall. 

“This electorate is locked up,” he wrote, according to a copy of the document reviewed by The Wall Street Journal, adding that Republicans who oppose Trump would be “wasting money” until the GOP field thins.

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As of now, Florida Governor DeSantis and former U.S. Ambassador Nikki Haley are vying for second place with $15 million and $11 million respectively. DeSantis does not have nearly as much in his war chest as Haley does, with only $5 million available to him compared to $12 million in Haley's. 

Meanwhile, Trump has hardly spent a thing and currently holds $38 million for his campaign

While three months isn't a lot of time, a lot can change between now and then, and donations tend to increase dramatically as election time draws nigh. Regardless, Trump's financial situation is one to be envied, at least for now. 

Which brings us to Joe Biden. 

On the surface, things look very good for Biden. Since he's not competing in the primary, he hasn't had to spend much, and being the only Democrat in the field, Biden is enjoying all the attention from donors. This has caused him to out-fundraise Trump according to the Wall Street Journal, but you'll note the clever play with numbers in the reporting. 

The Wall Street Journal reports that the Biden campaign with the DNC raised a combined $71 million, clearly outpacing Trump, and leaving $91 million in the bank. That's a lot of money. The only issue here is that the luxury of being the only man in the Democrat field is great but it's not going to be something Biden enjoys forever. 

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At some point, there will only be one Republican candidate too, and all things considered, it's probably not going to look great when the fundraising dust settles. Let's look at the facts. 

The Biden campaign alone barely raised more than Trump between July 1 and September 30 with $24.8 million compared to Trump's $24.5 million. With GOP donation dollars going to various candidates, and many withholding that money for now, you're likely going to see that GOP money truly soar past the Biden campaign's once a single candidate is named the Primary winner, and that's without the help of the RNC, which will likely experience its own boom as the election draws closer. 

Right now, all of Biden's income can be considered Kinetic. It's in play and moving. Whereas the GOP money seems to be potential energy, especially if predictions are correct and Trump ends up being the nominee. Nothing is written in stone, mind you, but when the Republican Party and its voters have a specific direction to go, we can somewhat safely assume that the dams many donors have erected will be opened. 

If Biden's campaign is barely out-raising Trump's campaign right now, then we can only imagine what it will look like when a singular GOP candidate is selected and many of these donors unite. Moreover, while the DNC's fundraising is nothing to gawk at, the post-primary fundraising the GOP will be doing isn't going to be shrug-worthy either once donors have a more concrete direction. 

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Biden's campaign can celebrate for now, but after the GOP Primary, Democrats may not have that much to brag about. 




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