President Joe Biden has raised a staggering $42 million for his 2024 reelection campaign and the Democratic Party in January alone, breaking the record for the most money brought in by a Democrat at this early stage of the election cycle.
With over 400,000 grassroots donors pitching in last month, Biden has amassed a $130 million war chest so far, vastly outpacing his potential Republican rivals. This haul will give Biden a massive head start on funding key campaign operations like ads, staffing, polling and events in battleground states across the country.
Small Donors Fuel Fundraising Surge
A significant chunk of Biden’s January windfall came from ordinary Americans giving modest amounts, a sign that his populist economic message is resonating with working-class voters. The average January donation was under $200, while over 150,000 donors signed up for recurring monthly payments.
This outpouring of small donations allowed Biden to easily eclipse top Republicans like former South Carolina Governor Nikki Haley, who raised $16.5 million total. While former President Donald Trump has not released his January fundraising figures yet, he had less than half of Biden’s cash pile at the start of 2023.
West Coast Swing Targets Wealthy Donors
On the heels of his blockbuster month, Biden is now headed to Los Angeles and Silicon Valley for glitzy fundraisers with entertainment, tech and finance bigwigs. Hosts include media mogul Haim Saban, LA Olympics chair Casey Wasserman and venture capitalist Steve Westly.
The President will press these wealthy influencers to open their extensive networks and raise even more money from friends or colleagues. Top-tier tickets for some events go for upwards of $250,000.
Building a Billion-Dollar War Machine
Biden’s advisors know they need to amass a huge campaign budget for an expected general election showdown with Donald Trump. Their goal is to raise over $1 billion this cycle.
So while small dollars are rolling in, Biden cannot afford to ignore rich donors, especially in Democrat-heavy California. He has already held multiple trips there this year to make up for avoiding the state amid 2022 union strikes.
Money Race Intensifies as GOP Splinters
With Biden’s campaign shifting into overdrive, deep divisions among Republicans have stalled their fundraising momentum. Trump and Haley are bitterly fighting for donors as they tear each other down publicly.
As the nastiest GOP primary in decades drags on, Biden continues uniting Democrats while stockpiling cash to spread his message and get-out-the-vote in key 2024 battlegrounds. His January windfall is an “indisputable show of strength,” says Campaign Manager Julie Chavez Rodriguez.
While Republicans fight amongst themselves, Biden and his Democratic allies are quietly building a gold-plated campaign machine designed to win re-election. January’s massive haul shows their preparations are ahead of schedule.