Biden beats Trump in money wars, but not overwhelmingly

President Biden had a notable but not overwhelming financial advantage over his main Republican rival, former President Donald J. Trump, at the end of last year, an encouraging sign for an incumbent president struggling to generate strong enthusiasm among the Democratic base.

Mr. Biden's campaign reported having about $46 million in cash on hand at the end of December, compared with $33 million for Mr. Trump's campaign, according to filings with the Federal Election Commission on Wednesday.

But Mr. Biden, who faces only nominal competition in the Democratic primary race, has not amassed the kind of commanding financial advantage that some in his party expected as Mr. Trump has had to devote resources to fending off his Republican primary rivals. Trump's political action committees have also earmarked $50 million for his legal costs as he fights 91 felony charges.

The latest federal filings this year also provide the first evidence of how the Biden campaign is spending the millions it has raised.

The largest expenditures go to television and digital advertising – more than $16 million in the third quarter – and personnel. The reports show that there were 72 people on the campaign staff at year's end, although many more have been hired since then. Officials said the campaign now had more than 120 employees on its payroll.

Biden's campaign released key fundraising figures two weeks ago in the middle of the Iowa caucuses, but officials revealed few details at the time. The campaign, the Democratic National Committee and three affiliated fundraising organizations raised a combined $97.1 million in the last reporting period of 2023 and $117 million in cash at year's end.

The bulk of the money raised from individual donors, $66.9 million, came through the Biden Victory Fund, a joint fundraising account split between the campaign and state Democratic parties. Individual donors can donate up to $929,600 to the joint fundraising account, with the first $6,600 going to the campaign itself.

“As Donald Trump sets money on fire by footing the bill for his various expenses, Team Biden-Harris, powered by grassroots donors, is hard at work talking to the voters who will decide this election and building campaign momentum build infrastructure to win in November. TJ Ducklo, spokesperson for the Biden campaign, said in a statement.

After receiving a combined $25 million in the campaign's first two quarterly fundraising periods from donors who gave less than $200 — a major sign of popular enthusiasm — the Biden campaign and the Biden Victory Fund reported raising $17 million had raised from such donors in recent years. last three months of the year.

Developing an early network of small donors is critical to a campaign's fundraising later in the election cycle. Supporters are much more likely to send money to the campaign, even in small increments, if they have done so at all.

Mr. Biden's political committees received contributions of at least $500,000 from 15 donors in the last three months of 2023.

His biggest donors included Hollywood mogul Steven Spielberg and his wife Kate Capshaw ($929,600 each); technology director Mark Pincus ($929,600); the financier George Soros ($653,000); Avram Glazer, whose family owns the Tampa Bay Buccaneers and the Manchester United soccer team ($538,289); Eric Schmidt, the former CEO of Google ($500,000); and Shonda Rhimes, who created the television show “Grey's Anatomy” ($100,000).