Biden Campaign and DNC Combine to Raise $85 Million in May

In May, President Joe Biden's reelection campaign and the Democratic National Committee managed to raise an impressive $85 million, according to data exclusively shared with CNBC by the Biden campaign. Although this amount marked the president's second-best month for fundraising this cycle, it fell short of the $141 million raised by former President Donald Trump's political operation and the Republican National Committee during the same period.

At the end of May, the Biden campaign and affiliated groups had a total of $212 million in cash on hand, up from $192 million at the end of April. It was mentioned that a majority of the funds raised in May came from grassroots donors, indicating a widespread enthusiasm for the President and Vice President among the public.

Campaign Strategy

Biden's campaign manager, Julie Chavez Rodriguez, emphasized the importance of the funds raised, stating that the resources are instrumental in building a campaign operation that is focused on engaging with and winning the support of crucial voters.

The Biden team has been actively utilizing the funds to establish an extensive ground-game across the country. A significant milestone was achieved when the campaign announced the hiring of its 1,000th staffer, demonstrating the scale of its organizational efforts.

Comparison with Trump's Campaign

While the Biden campaign has been ramping up its resources, concerns have been raised about the slower staffing process within the Trump campaign, particularly in key states. The fundraising dynamics have notably shifted in favor of Trump, with his campaign consistently outpacing Biden's in fundraising over the past two months.

Fundraising Momentum

Trump's fundraising success was attributed to small dollar contributions following his trial and conviction, with the campaign recording a significant surge in donations in the 24 hours after the verdict was announced. In contrast, Biden did not host major fundraisers or events during May.

As of April, the Trump campaign's war chest was approximately $60 million smaller than Biden's, with $88 million versus $146 million, respectively. While the latest figures for Trump's cash on hand have not been disclosed, both campaigns are expected to post strong numbers for June. Biden's recent Hollywood fundraiser raised over $30 million, while Trump's fundraising activities on the West Coast generated around $27.5 million in contributions.