Wilmington, Delaware – Joe Biden’s campaign is gearing up for what is likely to be the longest general election season in modern political history. After a slow build-up in staffing, the campaign has shifted into high gear in recent months, reflected in the ballooning payroll and cash balance. Biden himself has been hitting the campaign trail, with speeches and rallies in key states such as Pennsylvania, Virginia, and South Carolina.
The Democratic National Committee and their joint fundraising committees raised over $97 million in the final three months of 2023, representing a significant increase from the previous quarter. In total, the political apparatus supporting Biden reported having over $117 million on hand, a war chest that is likely to give him a significant advantage over his potential rival, former President Donald Trump.
The fundraising numbers place Biden ahead of the re-election efforts of former President Barack Obama and the DNC, but behind then-President Trump and the Republican National Committee. Despite the late build-up of his campaign’s payroll, there have been concerns among Democrats in battleground states about the lack of on-the-ground infrastructure, which could potentially harm Biden’s efforts to rebuild his coalition ahead of 2024.
Biden’s advantage is further bolstered by an enormous fundraising year for Future Forward, the top outside group backing his re-election, which raised over $200 million in 2023. This financial advantage is already translating into a historic $250 million TV ad buy for the general election, targeting seven battleground states, and set to run from immediately after the Democratic National Convention in August through Election Day.
In an unusual turn of events, Biden received a significant boost in New Hampshire, a state where he did not officially compete in the primary but saw an ultimately successful write-in effort by a group of Granite State Democrats. This effort was supported by the super PAC Granite for America, almost entirely funded by Reid Hoffman, the co-founder of LinkedIn and a prominent Democratic donor.
Overall, the significant financial advantage that Biden’s campaign has amassed has the potential to reshape the political landscape as the 2024 election season shifts into high gear.