Biden Braces for a Rough New Hampshire Vote, Setting Expectations Low

He said his campaign had been raising about $500,000 per day; the amount could not be independently verified. His campaign raised about $250,000 per day in the fourth quarter of 2019, the last period for which candidates have reported their fund-raising to the Federal Election Commission.

If Mr. Biden is collecting $500,000 per day, he would still be lagging far behind Senator Bernie Sanders’s fund-raising pace in the month of January, when Mr. Sanders raised roughly $800,000 per day. Mr. Biden would also be trailing what Hillary Clinton raised per day in February 2016.

“They’ve struggled with money all year long and, you know, losses tend to slow down your money,” said David Axelrod, the prominent Democratic strategist who served as a top adviser to Barack Obama. “Even to do what they need to do in Nevada and South Carolina, they need to keep the money going. This has to be a huge concern.”

At a breakfast with reporters on Monday hosted by Bloomberg News, Kate Bedingfield, a deputy campaign manager on Mr. Biden’s team, said, “We’re absolutely going to have the resources that we need to compete on Super Tuesday.” She said she believed that Mr. Biden’s perceived firewall in South Carolina would hold regardless of the New Hampshire primary results, pointing to his deep relationships with black Democrats there.

Several candidates, including Mr. Sanders and the billionaire Tom Steyer, have been making concerted attempts to cut into his lead with black voters, efforts that could accelerate if Mr. Biden is viewed as even more vulnerable after Tuesday’s vote.

Ms. Bedingfield also previewed how the campaign might try to frame a disappointing loss in New Hampshire: by alluding to the state’s demographics and warning the news media against writing anyone off before voters of color participate in a significant way.

“Doing well means we compete here, we make our case to New Hampshire voters, and we continue on,” she said. “We continue on with our plan which is to ensure that diverse voices have their say before you guys call this race.”