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President Biden is facing a polling deficit with seven months to go until the November election, prompting him to team up with former Presidents Barack Obama and Bill Clinton at a fundraising extravaganza in New York City that is expected to raise over $25 million for his re-election bid. The star-studded event will include an “armchair conversation” with the three presidents, moderated by Stephen Colbert, and musical performances by several artists. Over 5,000 people are expected to attend the event, with ticket prices ranging from $225 to $500,000.

The fundraiser is designed to help Biden increase his cash advantage over his Republican challenger, former President Donald Trump. The teaming up of the three presidents is intended to rally the Democratic base behind Biden and highlight the impact of the Democratic agenda on American families. Despite Biden’s advantage in fundraising, Trump currently leads in public opinion polling nationally and in key battleground states he narrowly won in 2020.

The event comes after Obama held an organizing call at the White House with Biden and former House Speaker Nancy Pelosi, highlighting the 14th anniversary of the Affordable Care Act. Obama has reportedly warned Biden that the 2024 rematch with Trump will be close, but he remains committed to supporting Democrats in the upcoming election. The GOP criticized the fundraiser as a sign of Biden relying on past presidents for support.

Biden, who faces questions about his durability and support from key Democratic constituencies, also needs to address concerns over his handling of issues like Israel and primary challenges. On the other hand, Trump is facing legal challenges and civil fraud judgments that may impact his campaign for re-election. Trump will need to court voters who backed Nikki Haley in the GOP nomination race, as her support highlights his weakness with suburban and highly educated voters.

As the 2024 election campaign unfolds, both Biden and Trump face various challenges and opportunities in their bid for the presidency. Biden is seeking to rally Democratic support and strengthen his fundraising advantage, while Trump is navigating legal troubles and working to broaden his support among key Republican constituencies. The upcoming months will be crucial as both candidates work to mobilize their bases and appeal to undecided voters ahead of the November election.

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