(MANDEL NGAN/AFP via Getty Images)

Democratic-aligned outside groups and former Democratic presidential candidates are coalescing around former Vice President Joe Biden as he seeks to close the money gap between him and President Donald Trump.

Despite criticism that he had a poor virtual fundraising game, new filings show Biden raised nearly $46 million in March, the most he’s raised in a single month this cycle. He ended the month with $26.4 million in cash on hand. Biden has raised more than $132 million toward his White House bid.

Unsurprisingly, Biden entered the race trailing far behind Trump’s steep fundraising numbers. Trump effectively started fundraising for his second term as soon as he was inaugurated. Trump’s March haul of $13.6 million brought his fundraising total to $246 million.

When the Democratic presidential field was more crowded, Biden struggled to attract small donors the way Sen. Bernie Sanders (I-Vt.) had and instead competed with former South Bend Ind. Mayor Pete Buttigieg for wealthy donors. Less than 40 percent of Biden’s cash comes from small donors.

As Biden gained momentum in delegate-rich primaries, he continued to struggle to attract small donors, forcing him to increase his reliance on super PACs through an expensive general election. Outside groups such as Priorities USA forked over millions in ad buys to back the former vice president.

Trump’s handling of the coronavirus outbreak has since triggered a multi-million attack-ad campaign paid for by Democratic-aligned outside groups. Priorities USA have spent $8.2 million trashing Trump over the airwaves.

A super PAC originally created to support former President Barack Obama’s reelection in 2011, Priorities USA is now considered Biden’s main backer for the general election. The group announced Monday it will spend $64.7 million reserving television ads in key battleground states including Florida ($13 million) and Michigan ($17 million) in the fall.

Before Biden’s decision to change his preferred super PAC, Unite the Country raised $10.1 million in March and spent $4.6 million. The group has spent $15.2 million this cycle to support Biden’s run. Candidates and super PACs are not supposed to coordinate their campaign activities, but coordination rules are poorly enforced and riddled with loopholes.

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Priorities USA raised $4 million last month. The group increased its general election budget to $200 million, double its original plans. The group is contesting swing states before the Democratic National Convention, which might be held remotely this summer. Postponing the convention from July 16 to mid-August also delays Biden’s access to general election funds for an extra month.

Deep-pocketed Wall Street donors told Reuters last month that they would be ready to fully back Biden after a successful South Carolina primary win, but the impending recession may force wealthy elites to cut back on their political giving. Currently, the securities and investment industry, which includes top Wall Street political givers, is Biden’s top industry. Already, affiliates of the industry gave over $6.8 million to Biden’s campaign and outside groups supporting him this cycle.

“There’s no question fundraising is going to be hurt,” investor Bernard Schwartz told Fortune. Last month, Schwartz shelled out $100,000 to Priorities USA and $250,000 to Senate Majority PAC to support Democrats’ efforts to flip the Senate. He gave $200,000 to Unite the Country in February.

Now that Biden is the presumptive presidential nominee for the Democratic Party, the Democratic National Committee is exploring creating a joint fundraising committee with Biden. Once the partnership goes live, Biden will be able to tap into the DNC’s established donors for a fundraising bump, CNBC reported.

As the only Democrat left in the presidential field, Biden’s former rivals are coalescing around him to help boost his fundraising numbers. Former presidential hopeful Sen. Amy Klobuchar (D-Minn.) will appear on Biden’s podcast this week, host virtual fundraisers for Biden including a Women for Biden event later this week, Axios reported. Klobuchar will join Sen. Elizabeth Warren (D-Mass.) and Buttigieg in using their donor lists on Biden’s behalf.

Sen. Kamala Harris (D-Calif.) has joined and hosted virtual fundraisers for Biden after leaving the race in December. Harris created a joint fundraising committee with the DNC for Biden, which is the only operation of its kind where a presidential drop-out partners with the national party to boost fundraising for the party’s nominee.

Former President Barack Obama broke his silence on the presidential race to formally endorse his former vice president last week.



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