Joe Biden embarked on a fundraising trip in his quest for presidential re-election in 2024, which could result in a record-spending campaign. After criticizing Republicans for the stalemate over the country’s debt ceiling in a speech in suburban New York, the president had two lucrative events scheduled with powerful donors.
One of these events, organized by an influential financier, required a ticket of $25,000 per person, according to CNBC. In the United States, money plays a crucial role in election campaigns, and a candidate’s ability to attract political donations is considered an indicator of his or her success.
Biden’s campaign advisers told The Washington Post that they hoped to raise more than $2 billion to back the octogenarian president’s bid for a second term in the White House. In the camp of former President Donald Trump, considered the most serious Republican adversary, his collaborators assure that campaign donations have increased despite the 34 criminal charges against him for secret payments to porn star Stormy Daniels.
According to Open Secrets, a nonprofit that monitors campaign finance data, it is estimated that the 2024 presidential election could be the most expensive in history. In 2020, when Biden finally defeated Trump, the presidential campaign cost $5.7 billion, more than double the amount spent in 2016.
It is important to note that campaign contributions are not only coming from billionaires and large corporations. In 2020, according to Open Secrets, Biden received more than $400 million from small donors who contributed less than $200 each. While US media reports note that Biden can count on financial support from technology executives and other business moguls, one wonders if donations will be more modest this time around.
The most recent polls are not encouraging for Biden, who faces concerns about his age and the high cost of living in the United States. According to a poll by ABC News and The Washington Post, 68% of Americans surveyed believe the Democrat is too old for a second term, compared to 44% who feel the same about Republican Trump, who is 76.
Biden must make sure he does not lose the fundraising battle to Trump, who officially announced his aspiration for the Oval Office late last year. US election laws make it difficult to know the exact amount of money each candidate has, with donation limits set by the Federal Election Committee and multiple ways an individual can contribute.