Democrats head into presidential election year with record-high cash on hand
December 21, 2023 11:05 AM
The Democratic National Committee is heading into the 2024 election with a record-high amount of cash, giving it a financial advantage over its GOP counterpart as President Joe Biden seeks to hold on to the White House next year.
The organization raised $12.3 million in November, bringing the party’s total cash on hand heading into 2024 to $20 million, according to FEC filings submitted this week. The $20 million war chest is the most cash the DNC has reported heading into a presidential year, a DNC aide told the Washington Examiner.
The large haul from last month surpasses that of the Republican National Committee, which raised $7.97 million in November, according to FEC filings. That leaves Republicans with $9.9 million cash on hand, which Democrats say is the lowest cash total heading into a presidential election year this century.
“This fundraising report is an embarrassment for the RNC — donors are watching the GOP presidential candidates make fools of themselves trying to out-MAGA each other, and they’re running in the other direction,” Sarafina Chitika, national press secretary for the DNC, said in a statement. “The RNC only has itself to blame for marking its lowest contributions of any presidential cycle this century, setting themselves up for another painful election year thirsty for cash while the DNC builds a record-setting war chest to elect Democrats up and down the ballot.”
The Washington Examiner contacted the RNC for comment but has not yet received a response.
The fundraising haul will aid Democrats as they head into 2024, especially as President Joe Biden has struggled with low approval ratings and recent polls showing the incumbent falling behind former President Donald Trump in a head-to-head matchup. Thirty-nine percent of voters approve of Biden’s job performance, compared to 57% who disapprove, according to a poll conducted by the New York Times and Siena College.
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That same survey found Trump leading Biden 46% to 44% among registered voters. Another 9% are undecided, but if those voters had to choose between the two candidates today, 26% said they would choose Biden compared to 24% who said Trump. Half of those voters still said they didn’t know.
Nonetheless, some polls show Biden defeating Trump in key swing states that could determine who wins the Electoral College. In a recent poll surveying voters in New Hampshire, 49% of voters said they’d back Biden compared to 39% who said they’d vote for Trump, according to the Saint Anselm College Survey Center.