Biden Campaign Raises $71.3 Million in Third Quarter Alongside ...

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Oct. 15, 2023Updated 9:30 a.m. ET

President Biden’s re-election campaign announced on Sunday it had raised a combined $71.3 million alongside the Democratic National Committee and a joint fund-raising committee during the three-month period that ended in September, a haul that eclipses what his Republican rivals have amassed but falls short of where President Donald J. Trump was at this point four years ago.

The campaign said the three fund-raising vehicles had a combined $90.5 million in cash on hand. It did not disclose how the cash was divided between the three fund-raising vehicles.

“It was a spectacular quarter,” said Jeffrey Katzenberg, the Hollywood mogul whom Mr. Biden named a co-chairman of his campaign, said in an interview Saturday. “It certainly exceeded our own expectations around it significantly. The fact that we’re sitting with $91 million in the bank today is really an extraordinary advantage.”

But Mr. Biden’s fund-raising haul is well short of the $125 million Mr. Trump and the Republican National Committee raised during the same period of his 2020 re-election campaign. And it is just a touch more than the $70.1 million President Obama and the D.N.C. raised at this point in his 2012 campaign — at a time when individual contribution limits were far lower than they are today.

Mr. Katzenberg, in the interview, dismissed comparisons to such campaigns as “comparing apples to submarines.”

Comparisons with Mr. Obama’s fund-raising efforts for the 2012 campaign are indeed imprecise, because a 2014 Supreme Court decision and other legal changes now allow candidates and parties to form joint fund-raising committees that can accept single donations of nearly $1 million. In 2012, Mr. Obama and the D.N.C. could collect only $30,500 per person.

More revealing details about the Biden campaign’s financial status will emerge when the committees file quarterly reports required by the Federal Election Commission. Those are due by the end of Sunday; a campaign official said the reports would become public late Sunday evening.

Among the most significant details in the campaign’s fund-raising report will be the amount of cash it has accumulated from donors who gave less than $200.

These so-called small donors are vital to presidential efforts because they can be recruited to give again and again over the course of a long campaign. During the three-month fund-raising period that ended in June, $10.2 million of contributions to the Biden effort, or about 21 percent, came from small donors, an amount smaller in percentage and in real dollars than the Trump and Obama campaigns in the comparable time periods.

While the Biden campaign has not disclosed how much of its haul came from small donors, an official, who requested anonymity because they were not authorized to speak for the campaign, did reveal that 49 percent of its $71.3 million came from donors who gave through the internet or mail programs. The campaign had expected that about 36 to 37 percent of third-quarter fund-raising would come online or through the mail.

Mr. Biden’s fund-raising total far outpaces what his Republican rivals have reported for the third quarter.

Mr. Trump’s campaign reported it raised $45.5 million, with $37.5 million in cash on hand. Gov. Ron DeSantis of Florida raised $15 million. Nikki Haley, the former governor of South Carolina, raised $11 million. Aides to Senator Tim Scott of South Carolina revealed to Republican donors this week that his campaign began October with $11.6 million in cash on hand, more than either Mr. DeSantis or Ms. Haley.

The Biden campaign trumpeted an array of fund-raising figures that officials said proved that there was indeed enthusiasm for their candidate, even as polls show that Mr. Biden is unpopular and suggest that he has not engendered enthusiasm within his own party.

The campaign said that it attracted 240,000 donors who had contributed to the campaign in 2020 and that 97 percent of contributions were less than $200. A contest for a chance to meet both Mr. Biden and Mr. Obama raised “nearly $2.5 million,” according to the campaign, while the sales of mugs with a picture of Mr. Biden’s face with the “Dark Brandon” meme brought in “close to $2 million” in August and September.

Reid J. Epstein covers campaigns and elections from Washington. Before joining The Times in 2019, he worked at The Wall Street Journal, Politico, Newsday and The Milwaukee Journal Sentinel. More about Reid J. Epstein

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