In May, President Joe Biden’s reelection campaign and the Democratic National Committee managed to raise a combined $85 million. This amount, according to exclusive data obtained by CNBC, makes it the second-best fundraising month for the president this election cycle, falling short only to March. Despite this significant achievement, the fundraising efforts of the Biden team still lag behind the impressive $141 million raised by former President Donald Trump’s political operation and the Republican National Committee during the same period.
After the conclusion of the fundraising activities in May, the Biden campaign and its affiliated groups were left with $212 million in cash on hand. This represented an increase from the $192 million they had at the end of April. The campaign emphasized that a majority of the funds raised in May came from grassroots donors, highlighting the strong and growing enthusiasm for the President and Vice President among the American public.
The Biden campaign has been actively deploying the funds raised to bolster their ground-game operations across the country. Recently, they proudly announced the recruitment of their 1,000th staff member, showcasing their commitment to building a robust and efficient campaign infrastructure. In contrast, the Trump campaign has been criticized for its slow staffing efforts in crucial states, causing concern among Republican strategists.
The figures from the May fundraising efforts underscore a shift in the presidential fundraising landscape in favor of former President Trump. Trump and the GOP have managed to significantly outpace their rivals in fundraising for two consecutive months. The momentum generated in May was attributed to small-dollar donations following Trump’s trial and conviction on charges related to falsifying business records. The campaign revealed that a substantial portion of the funds raised came in the 24 hours following the verdict.
Apart from the campaign fundraising, Trump’s affiliated super PACs have also been successful in attracting sizable donations. Notably, conservative megadonor Timothy Mellon made a $50 million contribution to MAGA Inc. shortly after Trump’s legal troubles. On the contrary, Biden’s campaign opted not to host major fundraising events during May, highlighting a different approach to financial support.
As of April, Trump’s campaign trailed behind Biden in terms of overall fundraising, with their war chest being $60 million smaller. However, it remains to be seen whether Trump’s recent fundraising surge will narrow this gap significantly. Looking ahead, both campaigns are poised to post impressive fundraising numbers for June. Biden’s recent Hollywood fundraiser amassed over $30 million, while Trump’s fundraising events on the West Coast raised approximately $27.5 million.
The recent fundraising activities of President Biden and the Democratic Party have showcased their ability to mobilize grassroots support and financial resources. Despite facing stiff competition from the Trump camp, Biden’s team has demonstrated resilience and commitment to building a comprehensive campaign infrastructure. As the 2022 midterm elections approach, fundraising prowess will undoubtedly play a crucial role in shaping the political landscape.
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