An enthusiastic State of the Union address to Congress and presidential star power helped the Biden campaign and its connected fundraising committees generate $90 million in March, nearly equaling their first two months of 2024 combined.
The Democrats' excellent first fundraising quarter offers the Biden campaign $192 million for the next seven months, a sum that has grown as the campaign has increased spending. Former President Donald Trump's campaign is only beginning to fundraise.
Most of the $26 million received for the March 28 “Three Presidents” benefit, which included Presidents Joe Biden, Barack Obama, and Bill Clinton plus musical performances by Lizzo, Queen Latifah, and others, arrived in March. The campaign says it set internal records with small-dollar fundraising surges during and after Biden's March 7 State of the Union address.
The Biden campaign says it has doubled its email list since the start of the year, helping produce 1.9 million contributions from 1.1 million individual donors, most of whom gave under $200.
The campaign claims 212,000 "sustaining donors," who pledge to provide a particular amount until the finish. The Trump campaign has not reported March fundraising. After defeating Trump's GOP primary opponents last month, it's trying to outdo Biden's three presidents extravaganza haul in one stroke this week.
On Saturday, billionaire hedge fund manager John Paulson will throw a Trump fundraiser in Palm Beach, Florida, projected to raise at least $50 million for Trump's campaign, super PAC, Republican National Committee, and state Republican parties. Elite bundlers with “Trump Victory Trust” designation must raise $2.5 million each for the former president.
Both candidates are fundraising for their campaigns, national party organizations, and state parties. Because super PACs can accept limitless donations, fundraiser statistics may not be comparable.
The Biden campaign says most of its funding comes from “grassroots” donors and likes the contrast with Trump's weekend event.
“This is like the election. Rob Flaherty, the deputy campaign manager, said in an interview that millions of people are pulling up their sleeves and paying $5, $10 at a time to oppose Donald Trump and his cronies who he wants to slash taxes for. “Who cares what he and two billionaires can drop from the sofa cushions. A sustainable grassroots basis is carrying us.”
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