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Obama & Hillary Join Biden

President Biden and former President Clinton are set to join forces for a significant fundraiser in the Washington, D.C. area in late June, hosted by former Virginia Governor Terry McAuliffe, Axios has learned.

Why it matters: This event marks the third instance of a highly successful fundraising strategy that features an evening with two (or three) Democratic presidents for the price of one.

Scheduled for June 18, it follows a similar “three president” event in New York in April and an upcoming gathering with Biden, Clinton, and former President Obama in mid-June in Los Angeles, hosted by George Clooney. The New York fundraiser generated $26 million for Biden’s re-election campaign.

Alongside Biden and Clinton, First Lady Jill Biden and former Secretary of State Hillary Clinton are also expected to attend, according to sources familiar with the plans. McAuliffe, a former DNC chairman and close associate of both presidents, will host the fundraiser at his residence in McLean, Virginia.

Organizers are planning a two-part event, starting with a reception and followed by a more exclusive—and expensive—dinner aimed at attracting significant contributions from the D.C. area.

Recently, both Clinton and Obama attended a state dinner for Kenyan President William Ruto, providing donors and potential donors the opportunity to see all three presidents in one evening at the White House.

Zoom out: While Trump is occupied with legal issues, Biden is maintaining an aggressive fundraising schedule, giving his re-election campaign a financial edge over Trump for the first part of the year.

In April, Trump outpaced Biden in fundraising for the first time, with Trump’s campaign and affiliated committees raising approximately $76 million, compared to Biden and the Democratic National Committee’s $51 million. However, the Biden campaign and its committees ended the month with $192 million in cash-on-hand, reportedly more than any Democratic candidate in history at this stage of the election cycle.

Between the lines: Biden’s campaign has been heavily investing in television ads to persuade voters that the economy is thriving, specifically targeting African American and Hispanic voters crucial to his coalition. In May, the campaign launched a $14 million ad campaign, including a spot narrated by Robert De Niro, which labeled Trump as the “baby-in-chief.”

Zoom in: Ahead of the first presidential debate, scheduled for June 27th in Atlanta on CNN, Biden has a busy month. He’ll attend the 80th anniversary of the D-Day invasion in France on June 6, followed by a G7 summit in Italy, and then fly to Los Angeles for the Clooney fundraiser before the D.C.-area event.

The other side: Republicans gained a significant boost when Stephen A. Schwarzman, chairman, CEO, and co-founder of Blackstone, announced his support for Trump as a “vote for change.” Schwarzman, a prominent Republican centrist and major donor, had not backed Trump in the GOP primary. His decision to contribute to Trump and various Republican Senate candidates will have widespread effects within the GOP, signaling it is acceptable to support Trump.

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