President Joe Biden continues to be marred by unpopularity, with The Hill noting last week that Biden's approval rating is "near the lowest levels of his presidency." However, the negative polls haven't hurt him financially.

According to the Washington Examiner, Biden's fundraising total for this past financial quarter was more than double that of former President Donald Trump.  

Biden raised $72 million

The president managed to collect $72 million over the period of time spanning April, May, and June. That figure is nearly equal to the $77 million that Biden's team has already saved up.

It came in the form of roughly 670,000 donations made by over 400,000 individuals and includes cash collected by the Democratic National Committee as well as Biden-affiliated fundraising committees.

Julie Chávez Rodríguez serves as the president's campaign manager, and she attempted to draw a sharp comparison between her candidate's position and that of the GOP.

"While Republicans are burning through resources in a divisive primary focused on who can take the most extreme MAGA positions, we are significantly outraising every single one of them — because our team’s strength is our grassroots supporters," the Examiner quoted Rodríguez as saying.

DeSantis and Biden dependent on big donors

Meanwhile, Trump's campaign and committees managed to take in a combined total of $35 million over the second quarter, $15 million more than was raised by Florida Republican Gov. Ron DeSantis.

NBC News reported that the majority of DeSantis' support appears to be coming from wealthy donors, with 70% having made the largest contribution allowed by law whereas only 17% of donations were worth $200 or less.

The apparent contradiction between Biden's dismal approval numbers and his massive fundraising haul is explained by a New York Times article which observed that the president is also largely dependent on large donors.

Hollywood mogul Jeffrey Katzenberg is both a major Biden donor as well as co-chair of the president's campaign, and he predicted that small-dollar contributions will increase as the campaign heats up.

"Right now there is no day-to-day competition combat going on," Katzenberg told the Times. "So these are the most loyal, most dedicated believers and supporters. It’ll build over time."

Trump's small-dollar donation figures have yet to be released

Lauren Miller previously served as digital director on Massachusetts Democratic Sen. Elizabeth Warren's re-election campaign, and she offered a similar assessment.

"Once Democratic donors become focused on the Republican primary and what’s at stake in the 2024 election, the Biden campaign will have no problem raising record amounts of money online," she argued.

The Times noted that Trump's small-dollar figures have not been made public yet, with the campaign having until the end of this month to release them.