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Biden Campaign Funding: Wealthy Democrats Fill Gap from Middle-Class Withholding

Although middle-class voter support has not yet materialized, President Biden’s 2024 re-election campaign is reliant on significant contributions from wealthy Democratic contributors.

In San Francisco, Chicago, New York City, and Washington, D.C., wealthy party members have given the Biden Victory Fund tens of millions of dollars, but his modest contributions are well below those of other recent Democratic campaigns.

According to the New York Times, $10.2 million of Biden’s fundraising over the three months that ended June 30 came from small-dollar gifts, which are those under $200. For his 2012 re-election campaign, President Barack Obama collected $21 million over the same time period, which is less than half the amount.

Democratic voters appear to be less involved in Biden’s success than they were in 2020, despite the fact that they are eager to point the finger at a variety of causes for the slowdown.

Senior Biden officials claim that a boom in donations will occur after the Republican field has narrowed down to a single contender and have partially attributed the slowing fundraising to the absence of a strong Republican challenger.

Jeffrey Katzenberg, the co-chairman of the Biden campaign, told the Times that there isn’t currently any ongoing competition warfare. “They are therefore the most devoted, devoted, and faithful believers and fans. That will increase over time.”

Read also: Donald Trump Reveals $1 Billion Income from NFTs and Hotel Sale in Latest Disclosure

Republican Fundraising Surges, Trump Leads in Polls

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Although middle-class voter support has not yet materialized, President Biden’s 2024 re-election campaign is reliant on significant contributions from wealthy Democratic contributors.

Yet, for the time being, Biden continues to rely on affluent donors significantly more than the leading Republican presidential contenders, with 10 donors contributing more than $500,000 each, while 82 others gave at least $100,000 each, according to the site.

Service fees for the Democratic small-donor fundraising website ActBlue accounted for one of Biden’s largest outlays in the most recent quarter, amounting to nearly $332,000 in total. His other more significant outlays included legal costs ($98,000), payroll and payroll taxes ($153,000), and text message marketing ($226,000).

Overall, the Biden campaign spent little on fundraising, although it did accept transfers from joint fundraising committees, which frequently cover a significant portion of the cost.

When they announce donations for the first few weeks and months of their campaigns, the different Republican candidates are collecting tens of millions of dollars. In the first six weeks of his campaign, Florida Governor Ron DeSantis raised $20 million, and according to the staff of former President Donald Trump, Save America, his political action committee, and the Trump campaign collectively raised over $35 million between April and June.

As the first primary elections approach, all attention is still on the Republican field, despite the fact that Trump continues to command a sizable lead in the polls.

Read also: Joe Biden’s Pre-NATO Summit Agenda

Source: Fox News

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