President Biden set a record with the most cash on hand of any Democratic candidate in history, and none of it will go to cover legal fees.
Biden Sets Democratic Fundraising Record
The Biden campaign announced:
Today, Team Biden-Harris announced that it raised more than $97 million in the fourth quarter of 2023, ending the year with a powerful display of enthusiasm, strength, and historic resources heading into the election year. The team is also reporting a historic $117 million in cash on hand, the highest total amassed by any Democratic candidate in history at this point in the cycle.
Team Biden-Harris’ Q4 haul was driven in large part by the strength of our grassroots support, which continued to grow in Q4.
December was our strongest grassroots fundraising month since launch—breaking the record previously set just one month prior in November.
Democrats have had a fundraising advantage for years that Republicans have tried to close but failed. Trump famously ran out of money during the 2020 campaign and could be in a dire situation again in 2024.
Fundraising Is A Measure Of Intensity Of Support
The Biden campaign provided a breakdown of their recent quarterly fundraising to PoliticusUSA:
- December was our strongest grassroots fundraising month since launch—breaking the record previously set just one month before in November.
- Since launch, nearly 1 million supporters have made more than 2.3 million contributions, a clear signal that donors are taking consistent action early in our fundraising program.
- Additionally, we now have more than 130,000 sustaining donors who have committed to donating every month—nearly double the amount at this point in the 2020 cycle.
- 97% of all our donations in Q4 were under $200 and the average grassroots contribution was $41.88.
Biden isn’t hitting up corporations and billionaires for cash to sustain his campaign. His donations are coming from small donors, and people who donate to a campaign are some of the voters who are most likely to vote in November. On one level, it is common sense. Donating to a campaign is a personal financial commitment. The people who make that commitment are almost certain to cast their ballots.
In political terms, the fundraising and cash-on-hand numbers reveal that Biden has a passionate and committed base that is willing to fund his campaign and is not going anywhere. This is an idea that runs counter to the polling and media narratives.
Trump Is Using Much Of His Fundraising To Pay Legal Bills
Trump was able to raise money initially off of the indictments against him, but that fundraising dried up.
The former president has reportedly been bleeding cash on legal bills. It has also been reported that Trump has not been holding his big rallies because his legal bills are draining so much of the money he is raising that he can’t afford large rallies.
Trump’s legal expenses will only grow as his cases get closer to trial.
President Biden will be able to spend his cash on his campaign, and he will be helping other Democrats win.
Trump is spending his money on the Republican primary and lawyers.
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Jason is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association