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Biden Raises Record $42M Before Special Counsel Report; Trump Enters 2024 With $33M Cash


Joe Biden collected an impressive $42 million in cash during January and currently holds a war chest of $130 million as he heads into the election year, with uncertainties persisting about his campaign.

The Biden campaign shared the significant amount they claim is the biggest ever raised by a Democratic candidate amidst the aftermath of the impactful special counsel report by Robert Hur. 

Donald Trump, on the other hand, collected $19 million in the fourth quarter of 2023 and started the election year with $33 million in cash, as per FEC records. 

During the second half of 2023, a super PAC supporting Donald Trump raised approximately $46 million and closed the year with $23 million in funds.

Heading to the West Coast, Biden, 81, is set to attend a fundraising event with members of the entertainment industry to continue raising funds.

The White House is currently addressing the increasing concerns raised by the report on mishandling classified documents, which stated that he has ‘diminished responsibilities’. 

There were 422,000 unique donors, with 97 percent of donations being under $200.

Biden is scheduled to head out west this week for a fundraising tour, making stops in Los Angeles and San Francisco to collect donations. He is set to attend a Tuesday fundraiser hosted by Democratic Party supporters Cheryl and Haim Saban and Casey Wasserman, a sports executive.

As per Deadline, ticket prices for the event vary from $3,300 to $250,000. For $25,000, contributors have the opportunity to take a photo with the president, and the funds will support the Biden Victory Fund, a collaborative fundraising committee.

Biden’s Nationwide Fundraising Amid Challenges and Controversies

WASHINGTON, DC – DECEMBER 11: U.S. President Joe Biden walks across the South Lawn after returning to the White House on December 11, 2023 in Washington, DC. Biden traveled to Pennsylvania to announce a $22.4 million SAFER Grant award to fund the Philadelphia Fire Department reopening three fire companies and a campaign fund-raising reception.

Biden has been traveling extensively across the nation to gather funds for his campaign for a second term, while his administration continues to face multiple challenges in the capital.

In the upcoming month, the renowned Vogue editor-in-chief is set to host a fundraiser for Biden in Paris amidst fashion week.

Recently, the president visited New York City for a series of fundraising events with affluent New Yorkers, including actor Robert De Niro.

The recent fundraising surge occurred shortly before the release of a report by special counsel Robert Hur regarding Biden’s handling of classified documents, casting doubt on the president’s recollection.

Just last weekend, Biden mingled with prominent supporters during a fundraising tour of California and Nevada, which featured a gathering at filmmaker George Lucas’s $32 million Los Angeles residence.

His campaign funds received a significant boost from a string of high-profile fundraising events, such as one with singer-songwriter James Taylor and multiple days spent in California meeting with influential figures like Steven Spielberg, Barbra Streisand, Shonda Rhimes, Rob Reiner, and David Geffen.

Trump has faced numerous legal challenges, with his campaign bearing some of the financial burden. Trump was recently instructed to pay $355 million for inaccurately representing the worth of his New York properties.

Trump has been directed to pay $83 million to writer E. Jean Carroll in her defamation suit, following a $5 million award in a separate trial where he was found responsible for sexually abusing her.

Given those financial obligations and the legal expenses from his multiple criminal trials, Trump might need to consider obtaining a bond. Recent financial disclosures from the campaign revealed that PACs linked to Trump had spent $50 million on legal fees.

An online fundraising campaign has been established to assist with covering legal expenses for a certain individual and has raised $535,000 so far.

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