Though President Biden's approval ratings with Americans are underwater, his re-election campaign's fundraising is still going strong.
The president and Vice President Kamala Harris hauled in more than $71 million in the July-September third quarter of 2023 fundraising, their 2024 re-election team announced on Sunday.
The campaigns spotlighted that they had nearly $91 million in their campaign coffers at the end of September, which they touted is "the highest total amassed by any Democratic candidate in history at this point in the cycle."
The president's re-election campaign also said their fundraising the past three months "is significantly more than any of the GOP 2024 campaigns, and the team’s cash-on-hand is widely expected to be more than the entire GOP field combined."
President Biden address a campaign rally in Washington, D.C. on June 23, 2023. The president launched his 2024 re-election bid in late April. (Chip Somodevilla/Getty Images)
Presidential candidates, as well as those running in Senate and House races, have until the end of Sunday to file their third quarter fundraising reports with the Federal Election Commission. But some campaigns have already announced their most recent fundraising hauls.
Former President Donald Trump — the commanding front-runner for the Republican Presidential nomination as he makes his third straight White House run — announced earlier this month that he hauled in $46 million the past three months, with $38 million cash-on-hand.
Former President Donald Trump speaks during a rally, Wednesday, Sept. 20, 2023, in Dubuque, Iowa. (AP Photo/Charlie Neibergall)
Florida Gov. Ron DeSantis reported $15 million raised, with $14 million in his campaign coffers. And former ambassador and former South Carolina Gov. Nikki Haley announced $11 million raised and $12 million cash-on-hand.
The president's campaign showcased that their fundraising the past three months — which was roughly equivalent to the $72 million hauled in during the second quarter — demonstrates "continued strong support and enthusiasm for the President and Vice President’s reelection campaign."
The money was raised by the Biden-Harris re-election campaign, the Democratic National Committee (DNC), and state parties participating in a join-fundraising committee formed when the president launched his re-election campaign in late April.
The campaign touted their "strategic approach to fundraising," which allows them "to maximize available resources for President Biden and Vice President Harris’ reelection, with an equally strategic approach to spending."
Because individual donors can contribute larger sums to national party committees, such as the DNC, than to individual presidential campaigns is a contributing factor for Biden vastly out raising his Republican challengers.
President Joe Biden speaks at the Democratic National Committee Winter Meeting, Friday, Feb. 3, 2023, in Philadelphia. (AP Photo/Patrick Semansky) (AP )
But the combined Biden/DNC third quarter haul trails the $125 million Trump and the Republican National Committee brought in during the third quarter of 2019, which is the comparable fundraising period during the 2020 election cycle.
The Biden re-election campaign also spotlighted their grassroots appeal, noting that the small dollar donations increased from 34% of their overall haul in the second quarter to 49% of their overall revenue the past three months.
They also noted that they brought in nearly a quarter of million new donors who didn't contribute to the 2020 Biden presidential campaign.
"We are especially proud of our efforts to exponentially grow our grassroots donor base, now having over a hundred thousand Americans signed up to donate on a recurring basis from now until Election Day," Biden-Harris 2024 campaign manager Julie Chavez Rodriguez said in a statement to Fox News. "These numbers are a testament to one of our core objectives early in this campaign: raise the resources needed to run an aggressive campaign that will win in November 2024."
Fundraising, along with polling, is a key metric in determining a candidate's strength and grassroots appeal. Fundraising dollars can be used to build up candidate's campaign structure, grassroots outreach, and get out the vote efforts, and to pay for travel and ads.