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The Run-Up

Biden Is Winning the Money Race. Does It Matter?

The Run-Up

The New York Times

News Commentary, Politics, News

4.42K Ratings

🗓️ 4 April 2024

⏱️ 48 minutes

🧾️ Download transcript

Summary

Last week President Biden, flanked by former Presidents Obama and Clinton, came to Radio City Music Hall for what Biden’s campaign called “the most successful political fund-raiser in American history.” The former Presidents, alongside celebrities like Stephen Colbert, Mindy Kaling, Lizzo, and Queen Latifah, spoke to an audience of 5,000 donors. And according to the Biden campaign, the event brought in more than $25 million. That fund-raising haul further tips the scales in the money race between Trump and Biden — a race that, so far, the Democrats have been winning. But Biden’s big cash advantage hasn’t helped solve his political problems. And when two candidates are as well known as Biden and Trump, there might be a limit to what money can buy. This week, we speak with longtime Democratic donor Robert Wolf about the Radio City fund-raiser and why he’s donated to Biden. And National Political Correspondent Shane Goldmacher explains the vast financial gap between the candidates.

Transcript

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0:00.0

One thing I've learned about presidential campaigns is that you'll almost never catch a candidate in New York City.

0:07.0

Unless, of course, they need to raise some money.

0:10.0

And last week, that was the case when three U.S. Presidents, Biden, Obama, and Clinton,

0:20.0

all gathered at Radio City Music Hall for what the Biden campaign called, quote,

0:25.3

the most successful political fundraiser in American history.

0:30.1

And we just have to take their word for it, in part because we weren't able to get in.

0:35.0

But here's the gist.

0:36.0

Tickets started the $250 on the low end, and $100,000 on the high end,

0:42.0

which got to a photo with all three presidents, an entrance to a private

0:46.1

reception.

0:48.0

There are performances by Queen Latifah, Lizzo, and an appearance from Stephen Colbert. In the end, the campaign says it raised more than $25 million.

0:59.0

But this wasn't just another gathering of the rich and famous. It's an example of something the

1:04.5

Biden campaign has done really well, courting big donors and just in general

1:09.8

raising a lot of money. In February alone, the Biden campaign and the Democratic Party

1:17.0

raised $53 million, bringing their total cash on hand,

1:21.0

as of the beginning of March, to $155 million.

1:26.5

That's more than $50 million ahead of where Donald Trump and the RNC say their current

1:30.9

fundraising totals are.

1:33.0

Which, theoretically, should allow Biden's campaign to build out a more robust operation

1:39.0

than their opponents.

1:41.0

But to this point, Biden's money advantage is yet to solve his political problems.

1:46.5

Like weak poll numbers against Trump, continue concerns about his advanced age,

...

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