Benzinga - by Chris Katje, Benzinga Staff Writer.
A potential rematch between Joe Biden and Donald Trump for the 2024 presidential election is becoming more likely as we approach the nine-month mark before the election.
With a tight race in 2024 election polls, fundraising efforts and advertising could play a key role in swing states and among undecided voters.
What Happened: Biden trails Trump in many national polls, including a recent Morning Consult poll of nationally registered voters.
One area where Biden may have an edge is fundraising and cash on hand for his 2024 election. A new report on Biden's campaign totals shows the president and Democratic National Committee (DNC) raised $42 million in January, according to Politico.
With the latest month of fundraising, Biden's campaign and the DNC ended the month of January with $130 million cash on hand.
According to Politico, the current fundraising totals and available cash fall short of where Trump and the Republican National Committee stood at a similar point in the 2020 election cycle, with Trump having raised $60 million and possessing $200 million in cash on hand by January 2020.
The financial standings of presidential candidates and political groups will become more transparent to voters and analysts with the Federal Election Commission’s midnight deadline on Tuesday, requiring the submission of fundraising totals.
Trump has not released January fundraising figures as of the time of writing. The total from Trump's team will include only his own campaign and not the RNC totals, as he still faces off against Nikki Haley for the GOP nomination.
Biden's campaign manager Julie Chavez Rodriguez called the January fundraising effort for the president "an indisputable show of strength to start the election year."
Trump's campaign had $33 million cash on hand at the start of the year, according to Axios with the RNC starting 2024 with $8 million on hand.
Haley raised $16.5 million in the month of January, according to Axios.
Related Link: Trump Hush Money Trial Proceeds March 25; Ex-President Will Have To ‘Campaign In The Evenings’ For 2024 Election
Why It's Important: The $130 million cash on hand is up from a $117 million total at the end of December, which shows that more is being raised than spent by Biden and the DNC.
The latest fundraising effort comes after Biden's campaign got off to a slow start, according to Politico.
As previously shared by Benzinga, the 2024 election cycle could set records for advertising expenditure, with Biden intensifying his television and digital media advertising campaigns in recent months.
Biden aired several campaign ads during National Football League games in the fall of 2023 as he ramped up ad spending. Reports indicate that Biden, worried about his polling numbers in swing states, is prepared to increase spending on television advertising in those areas.
Political Action Committee Future Forward, which supports Biden, is spending $250 million on television and digital advertising in swing states from August 2024 through Election Day 2024.
Read Next: Largest PAC Advertising Blitz In US History: Which 2024 Presidential Candidate, Companies Could Get Boost?
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