(Bloomberg) — President Joe Biden raised $71 million in the third quarter, nearly matching his fundraising haul in the previous three months and putting him well ahead of his Republican competitors, including former President Donald Trump.

The total includes money raised for Biden’s 2024 reelection campaign, the Democratic National Committee and state parties. The campaign reported a total of $91 million cash on hand spread across all entities, according to a statement on Sunday.

Biden’s total for the most recent quarter is just short of the $72 million he raised through the end of June after kicking off his presidential campaign in late April.

The July through September period is usually slower for fundraising because of summer vacations, but Biden’s team saw little dropoff. It received more than 843,000 donations across all entities, with 97% coming in amounts under $200. Biden now has 112,000 individuals who’ve pledged to give monthly to his reelection effort.

The third-quarter total far exceeded the goals that Biden’s team set, according to campaign co-chairman and Hollywood mogul Jeffrey Katzenberg. He said the support shows that there is enthusiasm for the president, regardless of what critics say. “Actions speak louder than words,” he said.

While Biden remains popular among Democratic donors, that enthusiasm isn’t matched by the broader public. Just 36.7% of voters approve of his handling of the economy, while 60.3% disapprove, according to the RealClearPolitics average of national polls. Biden’s overall approval rating is 40.5%.

Biden held a series of donor events in cities including Phoenix, San Francisco and New York in September to bolster fundraising momentum after the summer. Andrew McCollum, a co-founder of Meta Platforms Inc.’s Facebook, billionaire Tom Steyer and former American Express Co. Chief Executive Officer Kenneth Chenault were among the hosts for those events. The campaign held 37 fundraisers during the quarter, including events featuring Vice President Kamala Harris.

All 2024 campaigns are due to report on their finances to the Federal Election Commission on Sunday.

Continue reading