Biden to court wealthy donors as he prepares 2024 campaign in coming weeks

U.S. President Joe Biden will host a number of fundraisers in the coming weeks, attracting wealthy Democratic donors as part of his planned return to the White House in 2024, according to three sources familiar with the plan. It’s a schedule.

Biden and the Democratic National Committee are scheduled to host fundraising drives in New York and Philadelphia next week, which coincide with the president’s official visit touting the legislative success.

Then, in March, the pace and volume of fundraising will accelerate, three sources said.

One donor who helped raise money for Biden in 2020 and has promised to do the same this time around said, “I’ve been told to expect more funding in the March and April timeframes.

Biden has not officially announced his candidacy for re-election, but plans to announce his candidacy a few weeks after his State of the Union address scheduled for February 7.

The most expensive presidential election.

The fundraising kickoff will focus on big donors as the campaign seeks to raise the bulk of the $1 billion war fund for what is expected to be the most expensive presidential election in history.

Biden’s 2020 campaign will take on Republican Donald Trump to become the first presidential candidate in history to raise more than $1 billion.

The Democratic National Committee also needs to raise funds to defend a tough congressional map in 2024, including defending Senate seats in Ohio, West Virginia, Arizona and Montana.

An outside group has raised another $580 million for Biden in 2020. Aides are divided this time on whether to rely on a super PAC for outside assistance.

fundraiser

Mr. Biden will need to rely on the same Wall Street and tech industry donors who have been overlooked as international ambassadors, feeling sometimes demonized and sometimes neglected by his administration.

The New York City fundraiser on Tuesday will be hosted by wealthy former hedge fund executive Jeffrey Weber, according to an invitation obtained by Reuters.

The upcoming fundraising effort represents an early test of Biden’s reelection ambition and an early endurance test for an 80-year-old president who must balance the rigors of the White House with the rigors of the campaign trail. increase.

In 2020, the Covid pandemic forced Biden to step away from his campaign and raise money through virtual fundraising.

This time, Biden will be forced to conduct a more traditional campaign that combines the president’s official duties, campaign cancellations and fundraising events.