President Biden is set to host a star-studded fundraiser in New York City on Thursday, alongside former Democratic Presidents Barack Obama and Bill Clinton, with expectations to raise over $25 million.
The campaign has dubbed this event the "most successful political fundraiser in American history." In comparison to recent fundraising efforts, this holds true. For instance, during a recent visit to Texas, the Biden campaign gathered a total of $7 million from three separate fundraisers. Additionally, a fundraiser in Raleigh, North Carolina, on Tuesday brought in $2.3 million.
Prior to Thursday, Mr. Biden's largest single-day fundraising achievement occurred in the 24 hours following his State of the Union address in March, where $10 million was raised, as reported by his campaign.
The remarkable amount raised on Thursday marks a new campaign record, emphasizing the growing financial divide between Mr. Biden and his anticipated general election competitor, former President Donald Trump.
Trump's fundraising efforts amounted to $20 million in February and $8.8 million in January. Furthermore, he has been facing challenges related to legal expenses and payments, with his campaign and affiliated political action committees having spent over $10 million on legal fees this year.
In a financial comparison, Biden's campaign committees are reported to have amassed over double the cash on hand compared to Trump's equivalent groups. Biden's team holds $155 million while Trump's group has $74 million as of the end of March.
Jeffrey Katzenberg, the co-chair of the Biden-Harris campaign and a prominent figure in Hollywood, emphasized that every dollar raised by their campaign is dedicated to reaching the voters crucial in deciding the election. He stated, "Unlike our opponent, every dollar we're raising is going to reach the voters who will decide this election — communicating the President's historic record, his vision for the future and laying plain the stakes of this election."
On the other hand, Trump's campaign has been actively fundraising, with two emails sent out on Wednesday mentioning Mr. Biden's upcoming fundraiser. One of the emails urged "one million Trump supporters to donate to beat the 'Obama-Clinton cartel'", while the other emphasized, "We can't lose to Obama!"
The fundraising event is set to take place in New York City at Radio City Music Hall on Thursday. Hosted by actress Mindy Kaling, the event will feature performances by various musical guests and artists including Queen Latifah, Lizzo, Ben Platt, Cynthia Erivo, and Lea Michele. The evening will culminate in a discussion between Mr. Biden, Obama, and Clinton moderated by "The Late Show" host Stephen Colbert.
Reports indicate that over 5,000 tickets have already been sold for the fundraiser.
