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In a strategic move to secure a financial advantage over his Republican opponent, President Joe Biden and the Democratic Party have developed a novel fundraising plan that spans over all 50 states.
This move is set to bolster the President's campaign considerably, in the hope of giving him the upper hand in the upcoming election.
The Biden Victory Fund has expanded its fundraising efforts to all 50 state Democratic Party committees and Washington D.C.'s local committee. This joint fundraising initiative aims to gather campaign cash that will help propel the Biden campaign toward victory.
With this move, the Biden camp shows its commitment to securing essential resources from every corner of the country.
As Joe Biden gears up for the next presidential election, his fundraising campaign is set to become bigger than ever before. Based on data from OpenSecrets, the efforts are expected to surpass those of his previous campaign which raised a staggering $600 million, distributing millions to 47 Democratic parties across the country.
The Biden committee also intends to help raise funds for the Democratic National Committee, bolstering the party’s chances of success.
The Biden Victory Fund is expanding its fundraising efforts to include committees from key states such as Iowa, California, South Dakota, and Illinois.
This move marks a significant shift as these four state committees did not partner with the Biden Victory Fund during the 2020 presidential campaign, according to OpenSecrets.
Julie C. Rodriguez, Biden’s 2024 campaign manager, stated:
While MAGA Republicans burn cash in their primary, competing for whose agenda is the most extreme, the President’s campaign will be capitalizing on the opportunity to raise significant resources that will help expand on our winning 2020 Biden coalition. Combined with our robust grassroots fundraising network, never before has a campaign had more powerful fundraising tools with a longer runway, and with freedom and democracy on the line in this election – we intend to use them.
Biden's presidential campaign shattered all fundraising dreams, amassing an astounding $1 billion during the 2020 election cycle. The majority of that mammoth sum, which exceeded even the wildest expectations, came from online grassroots donations that totaled over $700 million.
The Democratic National Committee similarly benefited from the Biden Victory Fund, which raised over $100 million. Overall, the DNC raked in a staggering $491 million during that same cycle.
The Democratic Party and Biden's campaign could receive a significant boost for the general election due to their beefed-up joint fundraising strategy. Under the new agreement, an individual donor may contribute up to $929,600 to the Biden Victory Fund, according to the DNC.
Biden's committees have provided financial resources that could be used by the states that receive them to support his campaign or prevent Republicans from flipping congressional seats.
The Biden Victory Fund could theoretically disburse a check worth almost a million dollars, benefiting the Biden campaign and the DNC. The check would be divided among the two entities, with $6,600 going to the campaign and $41,300 to the DNC. Furthermore, $510,000 would be split between all of the state parties, while the rest of the funds would be allocated to DNC auxiliary accounts. These include fundraising accounts created to organize the party’s convention.
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Source: CNBC
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