The Biden campaign raised more than $42 million in January and has $130 million in cash-on-hand–a figure President Biden’s re-election team is touting as ‘the highest total amassed by any Democratic candidate in history’ at this point in the election cycle, Fox News Digital has learned.

The campaign has raised nearly $278 million since the president announced his run for a second term in April 2023.

‘January’s fundraising haul – driven by a powerhouse grassroots fundraising program that continues to grow month by month – is an indisputable show of strength to start the election year,’ said Julie Chavez Rodriguez, the Biden-Harris 2024 campaign manager, said in a statement.  ‘While Team Biden-Harris continues to build on its fundraising machine, Republicans are divided – either spending money fighting Donald Trump, or spending money in support of Donald Trump’s extreme and losing agenda.’

She added: ‘Either way, judging from their weak fundraising, they’re already paying the political price.’

Chavez Rodriguez said that the 2024 election ‘will determine the fate of our democracy and our freedoms,’ and stressed that the Biden campaign ‘is using its resources to build a winning operation that will meet voters where they are about the stakes of this election.’

Meanwhile, campaign senior communications advisor TJ Ducklo said the team is ‘particularly proud that January shattered our grassroots fundraising record for a third straight month.’

‘This haul will go directly to reaching the voters who will decide this election,’ Ducklo said. ‘That’s reason number 355 million that we are confident President Biden and Vice President Harris will win this November.’

The Biden campaign, in January, had its strongest grassroots fundraising month, breaking its previous record from December. The campaign said last month that 1.1 million supporters have made nearly 3 million contributions.

The campaign also touted ‘high-profile moments’ that motivated grassroots donors, saying that they raised $1 million each day in the three days following the GOP Iowa Caucuses.

‘January’s unprecedented fundraising numbers underscore the grassroots momentum to send Joe Biden and Kamala Harris back to the White House, and elect Democrats up and down the ballot this November,’ Democratic National Committee Chair Jaime Harrison said in a statement. ‘From coast to coast, Americans are rallying together to safeguard our democracy and defend our freedoms in a historic way.’

He added: ‘As this election year kicks into full gear, Team Biden-Harris and the DNC stand united, leveraging the power of grassroots donors to propel Democrats to victory at every level.’