US President Joe Biden leaves the White House in Washington, USA, on May 9, 2024, for a campaign fundraiser in California.
Craig Hudson | Reuters
President Joe Biden’s reelection effort and the Democratic National Committee raised a combined $85 million in May, according to exclusive data provided to CNBC by the Biden campaign.
The total marks the president’s second-best month for fundraising this cycle, behind only March.
Still, it fell well short of the $141 million that former President Donald Trump’s political operation and the Republican National Committee reportedly raised in the same month.
The data shows May fundraising left the Biden campaign and allied groups with $212 million in cash at the end of the month, up from $192 million at the end of April. A majority of the donations raised in May came from grassroots donors, according to the campaign.
“Our strong and consistent fundraising program grew by millions of people in May, a clear sign of the strong and growing enthusiasm for the President and Vice President each month,” Biden campaign manager Julie Chavez Rodriguez said in a statement.
“The money we continue to raise matters, and it helps the campaign build an operation aimed at reaching and engaging the voters who will decide this election.”
The Biden team has used the funds to build a large field game across the country, announcing earlier Thursday that it had just hired its 1,000th employee.
In contrast, the Trump campaign has been slow to build staff in key states, raising concerns among some Republican strategists.
The May numbers underscore how the president’s fundraising momentum has shifted in recent weeks in favor of Trump, who has now significantly outperformed his opponent in each of the last two months. In April, Trump-allied groups and the RNC raised $76 million for Biden and the DNC raised $51 million.
Much of that momentum in May was fueled by small fundraising efforts related to Trump’s trial and conviction later that month on 34 counts of falsifying business records to conceal a hush-money payment. The campaign said it raised nearly $53 million, or more than a third of the total, in the 24 hours after the ruling.
Biden campaign officials emphasize that, in contrast, Biden did not hold any major fundraisers or events during the month. May was the second-best month for grassroots fundraising for Biden’s re-election efforts and the best month yet for recurring donations.
One number the Trump campaign hasn’t yet disclosed this month — and doesn’t have to provide until July — is its cash on hand. As of April, Trump allies’ war chest overall was about $60 million smaller than Biden’s — $88 million versus $146 million.
It’s not clear whether Trump’s recent fundraising has helped him add to his cash pile.
After a quiet month for Biden in May, both operations are on track to post impressive numbers in June: Biden’s star-studded Hollywood fundraiser raised more than $30 million last week, while Trump’s West Coast fundraiser raised about $27 million earlier this month. grossed $5 million.
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2024-06-21 00:07:05
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