U.S. President Joe Biden gives a thumbs up as he departs from the White House to Japan in Washington, May 17, 2023.
Kevin Lamarque | Reuters
President Joe Biden and the Democratic Party have come up with a joint fundraising strategy in 50 states that will give him a financial edge over a potential Republican opponent.
Biden’s joint fundraising committee, the Biden Victory Foundation, is currently raising campaign cash with all 50 Democratic committees in the states, along with the Washington DC local committee, the campaign the president’s campaign told CNBC.
The nationwide effort is shaping up to be larger than the strategy used during Biden’s 2020 presidential run, as the same fundraising has raised more than $600 million and allocated millions to The state’s 47 Democrats, according to data from the nonpartisan OpenSecrets. The Biden Committee also helps raise funds for the Democratic National Committee.
A senior DNC official told CNBC that the Biden Victory Fund, in addition to all the state committees it worked with in 2020, will also raise funds with committees from Iowa, California, South Dakota and Illinois. Those four state committees did not raise funds with the Biden Victory Fund in 2020, according to OpenSecrets.
The Biden team said the new effort represents the first time a presidential candidate has had a joint fundraising agreement with every state party, along with DC.
“While MAGA Republicans burn money in their primaries, competing for whose agenda is the most extreme, the President’s campaign will take advantage of the opportunity to mobilize critical resources to help expand our 2020 winning Biden coalition,” Julie C. Rodriguez, the Biden representative who manages the 2024 campaign, said in a statement to CNBC. “Combined with our strong grassroots fundraising network, never before has a campaign had more powerful fundraising tools with longer runtimes and with freedom and democracy in this election. – we plan to use them.”
Biden’s campaign alone raised more than $1 billion during the 2020 election cycle. The Biden team says more than $700 million of that came from online grassroots donations. Likewise, DNC raised more than $100 million through the Biden Victory Fund and completed more than $491 million in that cycle.
An enhanced joint fundraising strategy could give the Biden campaign and the Democrats a big boost to the general election. According to the DNC official, the new agreement allows the Biden Victory Fund to collect up to $929,600 from an individual donor.
States that receive funding from Biden’s committees can use those funds to advance the presidential candidacy or fight Republicans trying to topple congressional seats.
A check for $929,600 would theoretically be distributed through the Biden Victory Fund to the Biden campaign ($6,600), DNC ($41,300), with $510,000 split across all states.
The rest of the money will go to DNC sub-accounts, such as funds dedicated to holding party congresses.