President Biden's reelection campaign says he raised over $90 million in March, $25 million more than the $66 million raised by former President Donald Trump and allies.
And Mr. Biden's cash-on-hand advantage over Mr. Trump grew even bigger last month. The Biden campaign says the president began April with $192 million in his coffers, which it says is the highest amount amassed by any Democratic candidate in history. By comparison, Trump's campaign and the Republican National Committee announced Wednesday that they ended March with over $93 million cash on hand.
Mr. Biden and the Democratic National Committee now have $100 million more than Trump and the RNC's shared cash on hand. In a press release, the Biden campaign noted the gap matches the cost of Trump's legal bills he has paid since leaving office.
"It's a stark contrast to Trump's cash-strapped operation that is funneling the limited and billionaire-reliant funds it has to pay off his various legal fees," Biden-Harris campaign manager Julie Chavez Rodriguez said in a statement.
Mr. Biden's $90 million in March easily surpasses numbers posted by past Democratic nominees in the same month: former Secretary of State and 2016 nominee Hillary Clinton raised just under $30 million in March of that year, while former President Barack Obama raised $53 million in March 2012.
The president's high total came in a month where his campaign also dramatically ramped up its operation, with presidential visits to every battleground state after the State of the Union address. The campaign also added over 100 field offices and announced a $30 million ad buy spread across six weeks.
The Biden campaign, its joint fundraising committee the "Biden Victory Fund" and other allied groups have spent over $16 million on ads since Super Tuesday's primary elections on March 5, and have $132 million reserved in ads through Election Day, according to advertisement tracking firm AdImpact. The firm also says by comparison in this same timeframe, only $3 million has been spent by Trump's campaign and allies since super Tuesday.
Mr. Biden's campaign released its total toplines the same day Mr. Trump is attending a Florida fundraiser where wealthy GOP donors are hoping to raise over $43 million. In addition to supporting his presidential campaign, contributions will also be directed into a political action committee handling most of Mr. Trump's legal bills.
During a Friday call with bundlers, fundraisers who collect money from a network of contacts, Trump claimed he would "double" the $25 million raised by Mr. Biden's New York City fundraiser during his Saturday gathering.
The incumbent president's high fundraising this year comes as he is locked in a tight rematch with Trump, with most national and state polls showing the race is close between the two men . Some Democrats are concerned about waning support for Mr. Bidenfrom key voting blocs that were crucial to his 2020 victory.
But Joel Payne, a Democratic strategist and political contributor for CBS News, says Mr. Biden's strong fundraising advantage "helps to counter any narrative about a lack of enthusiasm on the Democratic side."
"Democrats and Republicans will have plenty of resources to run a competitive race especially at the presidential level, but it's clear that Democrats have managed their money more effectively to this point," Payne added.
The first quarter total for Mr. Biden, which encompasses money raised from March through January, is $187 million. His campaign says 96% of these donations were "grassroots," or under $200, and that there were 1.1 million donors who made 1.9 million contributions.
But Mr. Biden was also busy with private fundraisers in March, with a star-studded New York City fundraiser with Obama and former President Bill Clinton on March 28 bringing in over $26 million, according to the campaign. Mr. Biden also attended private fundraisers in Dallas, Houston and Raleigh.
His fundraising was also buoyed by his State of the Union address on March 7 – the campaign says in the 24 hours after the speech he raised over $10 million.
Trump campaign representatives have told CBS News that they are unlikely to match Mr. Biden and the Democrats in fundraising, but say they have seen success in online, small-dollar donations in recent weeks.
The cash advantage has enabled Mr. Biden's campaign to expand its footprint beyond the traditional battleground states, with staffers in Florida, Minnesota and New Hampshire.
Specific information about both Mr. Biden's and Mr. Trump's first quarter and March committee fundraising and spending will be made public later this month.
Jake Rosen and Fin Gómez contributed reporting.
Aaron Navarro is a CBS News digital reporter covering Florida Governor Ron DeSantis' presidential campaign and the 2024 election. He was previously an associate producer for the CBS News political unit in the 2021 and 2022 election cycles.
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