Joe Biden is running for president in 2024 and went on a fundraising trip to New York City. He gave a speech about the debt ceiling standoff before attending two expensive receptions with wealthy donors. The price of admission to one reception was $25,000 per person. Biden’s campaign advisors hope to raise more than $2 billion to help him win a second term in the White House. The 2024 presidential election cycle is expected to be the most expensive in US history.
Campaign contributions come from both large donors and small individual donors. Biden received over $400 million from small individual donors in 2020. Technology executives and business heavyweights are expected to contribute to Biden’s campaign, but his approval rating is at a new low of 36%. A recent poll showed that 68% of Americans surveyed believe that Biden is too old for a second term.
US campaign law makes it difficult to know exactly how much money any one candidate has on hand, but there are multiple ways individuals can contribute. Political action committees, including Super PACs, play a fundamental role and allow corporate money to pour in. Joint Action Committees, which are increasingly popular, make it possible to raise larger sums.
Former president Donald Trump is expected to run again and has been raising campaign donations despite his indictment on criminal charges. Ron DeSantis, Florida’s Republican governor, is also expected to join the 2024 race and could have a campaign war chest of over $100 million.