Biden’s Fundraising Lead Over Trump Continues to Grow

The campaign of U.S. President Joe Biden has raised more funds than his Republican rival, former President Donald Trump, leading up to the November election. Analysts attribute this to Biden’s incumbent status and support from Democrat predecessors.

This support will be evident at a fundraising event for Biden in New York City, where former Presidents Barack Obama and Bill Clinton will be present.

According to OpenSecrets, a research group that tracks money and influence in U.S. politics, Biden’s campaign committee is raising more money through large contributions and small individual donations under $200 compared to Trump.

While large contributions account for 55% of the $128.7 million raised by Biden’s campaign committee, only 45% is from small contributions. In contrast, Trump’s campaign has received 64% from large contributions and 36% from small contributions.

Nevertheless, Trump has raised more from outside groups like super PACs, which have brought in $83.1 million for Trump compared to $60.1 million for Biden.

In total, Biden’s campaign has raised $188.8 million from his committee and outside groups, while Trump has raised $179.2 million.

Since 2004, Democrat candidates have consistently raised more money than their Republican counterparts in presidential election cycles. In the 2020 race, Biden raised over $1.6 billion, surpassing Trump’s $1.1 billion.

While more money does not always equate to success, small-dollar donors play a crucial role in signaling grassroots support.

Fundraisers like Biden’s event on Thursday help candidates build campaign war chests for advertisement campaigns and outreach. Trump, lacking support from former President George W. Bush and former Vice President Mike Pence, has major fundraisers in the works.

One upcoming fundraiser, hosted by hedge fund billionaire John Paulson, includes big names in attendance with donations ranging from $250,000 to $814,600 per person.

According to Dmitri Mehlhorn, advisor to Reid Hoffman, early fundraising can have a significant impact in a competitive election.