President Joe Biden’s campaign is concerned it hasn’t raised enough money from donors in the initial days following his reelection announcement, a lackluster showing that underscores the perception that his run isn’t exciting voters.
(Bloomberg) — President Joe Biden’s campaign is concerned it hasn’t raised enough money from donors in the initial days following his reelection announcement, a lackluster showing that underscores the perception that his run isn’t exciting voters.
The sluggish fundraising comes from a lack of outreach to major donors who can boost the early total by making big contributions to the Democratic Party, said people familiar with the matter.
The people, who requested anonymity because of the sensitivity of the subject, said that despite the slow start, Biden would have no trouble raising money. But Biden’s advisers are worried they won’t have a big number to announce after the president formally launched his bid Tuesday morning, one person said.
The campaign had planned to release fundraising totals after 48 hours, but may wait to generate more donations, the person said. Biden isn’t required to disclose fundraising totals until July, but campaigns often voluntarily share numbers shortly after announcing their launch to illustrate excitement.
A spokesperson for the Biden campaign didn’t immediately respond to a request for comment.
The money itself is less of a concern for Biden, who is easily on track to be renominated without a costly primary. But fundraising totals are a proxy for enthusiasm for Biden, who has faced criticism from both Republicans and some Democrats that voters don’t want to see him in the 2024 race.
Even a large number of Democrats preferred he not run because of his age, polls show. Biden is the oldest person elected US president and would be 86 at the end of a second term.
One reason for the slow fundraising pace is that there has been a lack of coordination with major donors to write checks the day of his announcement, the people said. Campaigns frequently work with major donors on the timing of contributions to get the maximum attention on the large fundraising haul. Many big donors didn’t receive requests to give money on the first day, one person said.
Since Biden’s announcement, the campaign has sent text messages to supporters from the president, First Lady Jill Biden, Vice President Kamala Harris and Second Gentleman Doug Emhoff seeking donations, as well as an email from former President Barack Obama.
Incumbents have a fundraising edge since they also raise money for their party, and can accept much bigger checks than challengers. Donors can write $889,600 checks to the Biden Victory Fund, which raises money for the president’s campaign, the Democratic National Committee and 47 state parties.
Former President Donald Trump took advantage of that, raising $24.8 million for his campaign and the Republican National Committee in less than 24 hours after he officially launched his campaign for reelection in June 2019. Biden raised $6.3 million in the 24 hours after he announced his candidacy that year.
Trump had a much more modest haul after he announced his third run for the White House on Nov. 15. He didn’t release a total, but he raised less than $3.4 million through WinRed, an online Republican fundraising platform, over his first two days as a candidate, an analysis of filings with the Federal Election Commission show.
On the Republican side, many major donors have decided to withhold contributions until it’s apparent if a clear challenger to Trump will emerge.
–With assistance from Justin Sink.
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