President Biden’s 2024 re-election campaign is relying on large donations from deep-pocketed Democratic donors as support from middle-class voters has yet to materialize.
The Biden Victory Fund has raked in tens of millions in donations from wealthy party members in San Francisco, Chicago, New York City and Washington, D.C., but his small-dollar donations are trailing well behind other recent Democratic campaigns.
Small-dollar donations, defined as anything under $200, accounted for $10.2 million in Biden’s fundraising for the three-month period that ended June 30, according to the New York Times. That is less than half the $21 million President Barack Obama received over the same period during his 2012 re-election campaign.
While Democrats are quick to blame a host of reasons for the slowdown, the trend indicates that Democratic voters are less invested in Biden’s success than they were in 2020.
Top-level Biden officials have in part blamed the lack of a clear Republican opponent for the trickling donations, arguing that a surge will come once the Republican field has consolidated down to a single nominee.
“Right now there is no day-to-day competition combat going on,” Biden campaign co-chairman Jeffrey Katzenberg told the Times. “So these are the most loyal, most dedicated believers and supporters. It’ll build over time.”
For now, however, Biden remains far more dependent on wealthy donors than the major Republican presidential candidates, with 10 donors sending over more than $500,000 each, while 82 others contributed at least $100,000 each, according to the outlet.
Meanwhile, the various Republican candidates are raking in tens of millions as they report donations for the opening weeks and months of their campaigns. Florida Gov. Ron DeSantis hauled in $20 million in the first six weeks of his campaign, and former President Donald Trump’s team reported that the Trump campaign and Save America, his political action committee, together brought in over $35 million between April and June.
All eyes remain on the Republican field as the first primary votes near, though Trump maintains a dominant lead in primary polling.
Fox News’ Paul Steinhauser contributed to this report.