President Biden's re-election bid is facing a fundraising challenge, with a significant reliance on substantial contributions from affluent Democratic donors while small-dollar donations from average voters lag behind previous campaigns. The Biden Victory Fund has amassed tens of millions from wealthy individuals in major cities, yet grassroots fundraising has yet to gain traction.

Small donations, those under $200, totaled $10.2 million in the second quarter of 2023, significantly less than the $21 million raised by President Obama during the same period in his 2012 re-election effort. This disparity raises concerns about the level of enthusiasm among Democratic voters compared to previous cycles.

Senior Biden campaign officials attribute the slower pace of small donations to the absence of a clear Republican challenger, suggesting that contributions will increase once the GOP nominee is determined. They believe that the current donors represent the most committed supporters, and broader engagement will follow as the general election draws nearer.

However, the current fundraising landscape reveals a greater dependence on wealthy donors for the Biden campaign compared to Republican contenders. Data shows ten donors contributing over $500,000 each, and 82 others donating at least $100,000. This contrasts with Republican candidates who are experiencing a surge in fundraising, with figures like Florida Governor Ron DeSantis raising $20 million in the initial six weeks of his campaign and former President Donald Trump's combined campaign and PAC raising over $35 million in the second quarter.

As the Republican primary race unfolds, with Donald Trump currently leading in polls, the focus remains on the GOP field. The dynamics of the Republican race are likely to influence the fundraising landscape for both parties as the election cycle progresses.