The campaign of former Vice President Joe Biden announced Monday that they raised over $80 million in May, their largest monthly haul of the campaign and a sign that the coronavirus pandemic has not dampened his fundraising as some Democrats worried it would.
The campaign said they have gained 1.5 million new donors in the last few weeks, and that more than half of their donors in May were new, with educators comprising their largest base of financial support, while tripling the number of online donors since February.
“I’m in awe of this sum of money. Just a few months ago, people were ready to write this campaign off. Now, we are making huge dents in Donald Trump’s warchest. Every single dollar is going to make sure he is only a one-term president,” Biden said in a statement.
The Trump campaign hasn’t yet announced its May fundraising, but he likely still leads Biden in cash-on-hand, having held an $86 million cash advantage as of April.
Trump’s cash advantage was further bolstered on Trump’s birthday on Sunday, which proved to be his best fundraising day of the election after his campaign and the RNC jointly raked in $14 million.
There were concerns among Democrats early on in the pandemic that the need for social isolation would reduce Biden’s comparative advantage of face-to-face campaigning and dampen his fundraising. Those fears appear to have been assuaged, with Biden quickly cutting a $187 million deficit at the start of the general election in March to an $86 million one by the end of April, and now garnering his largest fundraising sum in May.
One other big area of concern for Democrats was tapping into Sanders’ considerable donor base. A Wall Street Journal analysis in May found that just 60,000 of Sanders’ 2.1 million donors had given to Biden by the end of April. With 1.5 million new donors, it seems likely that Biden drew from Sanders’ base in the aftermath of Sanders and Biden making a deal to seat Sanders delegates at the Democratic convention. However, it remains to be seen just how much of Sanders’ donor base gave to Biden.
$2.47 billion. According to FEC data compiled by Forbes, the 2020 presidential election has run up a staggering price tag of $2.47 billion thanks in large part to a collective $1.4 billion spent by billionaires Tom Steyer and Mike Bloomberg in their failed primary campaigns. That already outpaces the cost of the entire 2016 presidential election, which was $2.21 billion.