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Politics

Biden tops Trump in 2024 campaign fundraising for third quarter, but ex-president’s war chest dwarfs GOP rivals

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Brian Schwartz@schwartzbCNBC

WATCH LIVE

Key Points
  • President Joe Biden outraised his chief Republican rival Donald Trump over the past three months.
  • Biden’s team announced Sunday they’ve raised over $71 million since July 1 between their campaign and affiliated political groups, while coming into the final months of the year with $91 million on hand.
  • Despite Trump being behind Biden in overall fundraising, the former president is still dominating his Republican opponents in the GOP primary contest.

U.S. President Joe Biden smiles as he attends to speak about the coronavirus disease (COVID-19) response and the vaccination program from the Rose Garden of the White House in Washington, U.S., May 13, 2021.
Kevin Lemarque | Reuters

President Joe Biden’s reelection effort raised tens of millions of dollars more than his chief Republican rival, Donald Trump’s campaign did over the past three months. But Trump vastly outraised his GOP primary opponents, further establishing his dominance over the crowded field.

Biden’s team reported Sunday that it has raised over $71 million since July 1 between the campaign, two joint fundraising committees and the Democratic National Committee.

Unlike the DNC, which is working to reelect the incumbent Democratic president, the Republican National Committee will not pool its resources with any GOP primary campaign until the party chooses its nominee next summer.

Biden’s campaign alone raised $24.7 million, according to new Federal Election Commission filings. This leaves Biden and his affiliated organizations with a combined $91 million in cash on hand, a little over a year before voters will choose the next president.

“This quarter’s fundraising haul and historic cash on hand speak to the very real enthusiasm and support President Biden and Vice President Harris continue to build for their reelection bid,” said Biden campaign manager Julie Chavez Rodriguez.

Earlier this month, Trump’s spokesman Steve Cheung announced that their combined organizations had raised $45.5 million total, and that they had $37.5 million on hand heading into the fourth quarter.

This total included money raised by Trump’s joint fundraising committee, Trump Save America JFC, Cheung told CNBC Monday. The group is not required to file fundraising disclosures with the FEC until the end of the year.

Despite Biden’s apparent dominance over Trump last quarter, the former president is nonetheless far ahead of his Republican opponents in the GOP primary.

Trump’s campaign finished the third quarter with just over $37 million in cash on hand, according to FEC records. This is more than $20 million ahead of his closest rival, Florida GOP Gov. Ron DeSantis, who finished the quarter with just over $12 million.

According to the latest Morning Consult poll, Trump leads DeSantis by just under 50 percentage points among potential Republican primary voters.

Much of Trump’s fundraising success in the third quarter came from small dollar donors who stepped up their giving as the former president’s legal troubles mounted.

Trump’s campaign raised more than $2 million within a day of the Aug. 24 release of his mugshot after the former president was arrested on Georgia state charges related to his alleged attempts to overturn the state’s 2020 election results, according to an analysis by Reuters.