Biden, Democrats plan 50-state fundraising strategy

President Joe Biden and the Democratic Party have put together a 50-state joint fundraising strategy in a bid to present him an awesome financial edge over his potential Republican challenger.

Biden’s joint fundraising committee, the Biden Victory Fund, is now raising campaign money with all 50 state Democratic Party committees, together with Washington D.C.’s local committee, the president’s campaign told CNBC.

The nationwide effort is shaping as much as be larger than the strategy used during Biden’s 2020 run for president, when the identical fundraising operation raised over $600 million and doled out tens of millions of dollars to 47 Democratic state parties, based on data from the nonpartisan OpenSecrets. The Biden committee also helps raise money for the Democratic National Committee.

A senior DNC official told CNBC that the Biden Victory Fund, along with the entire state committees they worked with in 2020, may also be fundraising with committees from Iowa, California, South Dakota and Illinois. Those 4 state committees didn’t fundraise with the Biden Victory Fund in 2020, based on OpenSecrets.

The Biden team said the brand new effort represents the primary time a candidate for president has joint fundraising agreements with every state party, together with D.C.

“While MAGA Republicans burn money of their primary, competing for whose agenda is probably the most extreme, the President’s campaign will probably be capitalizing on the chance to lift significant resources that may help expand on our winning 2020 Biden coalition,” Julie C. Rodriguez, Biden’s 2024 campaign manager, said in a press release to CNBC. “Combined with our robust grassroots fundraising network, never before has a campaign had more powerful fundraising tools with an extended runway, and with freedom and democracy on the road on this election – we intend to make use of them.”  

Biden’s campaign alone raised greater than $1 billion throughout the 2020 election cycle. The Biden team said greater than $700 million of that got here from online grassroots donations. The DNC, likewise, saw over $100 million through the Biden Victory Fund and finished bringing in over $491 million during that cycle.

The beefed-up joint fundraising strategy could give Biden’s campaign and the Democratic Party a serious boost for the final election. The brand new agreement allows the Biden Victory Fund to reap as much as $929,600 from a person donor, based on the DNC official.

The states receiving financial resources from Biden’s committees could use those funds to advertise the president’s candidacy or fend off Republicans attempting to flip congressional seats.

A theoretical $929,600 check could be doled out through the Biden Victory Fund to the Biden campaign ($6,600), the DNC ($41,300), with $510,000 split between the entire state parties.

The remaining funds would go to DNC auxiliary accounts, akin to the fund dedicated to organizing the party’s convention.