President Biden held a significant but not overwhelming financial advantage late last year over his primary Republican opponent, former President Donald J. Trump, an encouraging sign for an incumbent struggling to generate strong enthusiasm in the Democratic grassroots.
Mr. Biden’s campaign reported having about $46 million in cash at the end of December, compared with $33 million for Mr. Trump’s campaign, according to filings Wednesday with the Federal Election Commission.
But Mr. Biden, who faces only nominal competition in the Democratic primary race, has not amassed the kind of commanding financial advantage that some in his party expected, given that Mr. Trump has had to devote resources to fending off Republicans. his opponents. Mr. Trump’s political action committees have also poured $50 million toward his legal expenses as he fights 91 felony charges.
Final federal filings for the year also provide the first data on how the Biden campaign is spending the millions it has raised.
Its biggest spenders are on TV and digital advertising — more than $16 million in the third quarter — and staffing. Reports show 72 people on the campaign staff at year’s end, though many more have been hired since then. Officials said the campaign now had more than 120 employees on its payroll.
Mr. Biden’s campaign released its top fundraising numbers two weeks ago amid the Iowa caucuses, but officials disclosed few details at the time. The campaign, the Democratic National Committee and three partner fundraising vehicles raised a combined $97.1 million in the final reporting period of 2023 and had $117 million in cash on hand at the end of the year.
Most of the money raised by individual donors, $66.9 million, came through the Biden Victory Fund, a joint fundraising account shared between the campaign and state Democratic parties. Individual donors can give up to $929,600 to the joint fundraising account, the first $6,600 of which goes to the campaign itself.
“While Donald Trump is burning money to pay for his various expenses, the Biden-Harris team, backed by grassroots donors, is working hard to talk to the voters who will decide this election and build the campaign infrastructure for to win in November. TJ Ducklo, a spokesman for the Biden campaign, said in a statement.
After taking in a total of $25 million in the campaign’s first two quarterly fundraising periods from donors who gave less than $200 — a key sign of grassroots enthusiasm — the Biden campaign and the Biden Victory Fund reported raising $17 million from such donors in last three months of the year.
Developing an early network of small donors is critical to a campaign’s fundraising later in the election cycle. Supporters are much more likely to send money to the campaign, even in small increments, if they have already done so.
Mr. Biden’s political committees received contributions of at least $500,000 from 15 donors in the last three months of 2023.
Among his biggest donors were Hollywood mogul Steven Spielberg and his wife, Kate Capshaw ($929,600 each). technology executive Mark Pincus ($929,600); financier George Soros ($653,000); Avram Glazer, whose family owns the Tampa Bay Buccaneers and Manchester United soccer team ($538,289); Eric Schmidt, former CEO of Google ($500,000); and Shonda Rhimes, who created the TV show “Grey’s Anatomy” ($100,000).
