Vice President Kamala Harris’s campaign has established a substantial fundraising lead over Donald Trump’s in the 2024 presidential election. Federal filings reveal that Harris’s campaign has raised nearly three times the amount Trump’s has accumulated, bringing in close to $100 million during the first half of October alone as the campaign enters its final phase.
Key Fundraising Figures for Harris and Trump
The Harris campaign committee has amassed $997.2 million, compared to Trump’s $388 million, between January 2023 and October 16, 2024, according to the latest Federal Election Commission (FEC) filings. This leaves Harris with $118 million cash on hand, while Trump has $36.2 million.
Harris Campaign’s October Fundraising Surge
The disparity in fundraising became particularly pronounced in early October. Harris raised $97.2 million in the first half of the month, significantly outpacing Trump’s $16.2 million. This marked a shift from the previous, more competitive fundraising landscape, where Biden (prior to his withdrawal) and Trump had raised $284.1 million and $217.2 million, respectively, by the end of June.
Harris Victory Fund and Joint Fundraising Committees
The Harris Victory Fund, a joint fundraising committee supporting both the Harris campaign and Democratic groups, has garnered an impressive $1.2 billion this election cycle. Conversely, Trump’s National Committee JFC, a similar committee supporting his campaign and the Republican National Committee, raised $375.3 million. The Trump 47 Committee, another joint fundraising committee targeting larger donors, raised $327.5 million.
September Fundraising and Harris’s Billion-Dollar Milestone
Harris’s fundraising momentum accelerated in September, propelling her past the $1 billion mark. A $47 million surge in the 24 hours following the September 10 debate against Trump, coupled with successful fundraisers in New York City and San Francisco, contributed to this achievement. Notably, the Harris campaign chose not to publicly disclose its September fundraising totals before the release of official FEC filings, opting not to “brag” and potentially create voter complacency.
Super PAC Spending and Fundraising in the 2024 Election
Super PACs, independent political groups not subject to the FEC’s individual donation limits, have played a significant role in the 2024 election. While super PACs supporting Harris have outspent those supporting Trump ($533.7 million vs. $124.6 million since July), Trump’s leading super PACs appear to have raised more overall ($569.2 million vs. $535.5 million for Harris-supporting PACs since the start of the 2023 election cycle).
Harris’s Record-Breaking Fundraising Speed
Harris’s $1 billion milestone is likely the fastest any presidential candidate has reached this figure. While Biden and Trump both surpassed $1 billion in 2020, they did so over a considerably longer period. Sources suggest Harris achieved this feat in less than 80 days, with the July-October quarter alone generating $1 billion, marking the most lucrative fundraising quarter in history.
Comparing Fundraising Surges: Harris vs. Trump
Harris’s post-campaign announcement fundraising surge outperformed Trump’s previous fundraising peaks. While Trump raised $52.8 million in the 24 hours following his conviction on 34 felony charges in May, Harris raised $81 million in the first 24 hours of her campaign.
Looking Ahead to Post-Election Fundraising Data
The FEC filings released through October 16 represent the last data available before Election Day. Final fundraising figures for the last days of the campaigns will not be available until after the election.
Democratic and Republican Party Fundraising
The Democratic National Committee (DNC) has outraised the Republican National Committee (RNC) this election cycle, with $538.8 million and $390.2 million raised, respectively. The DNC’s advantage grew in September, raising $98.7 million compared to the RNC’s $37.8 million. However, the RNC maintained a larger cash reserve as of October 16, with $47.8 million compared to the DNC’s $30 million.
Campaign Spending: Harris vs. Trump
The Harris campaign has generally spent funds more quickly than the Trump campaign. In early October, Harris spent $165.9 million compared to Trump’s $99.7 million. Overall, the Biden/Harris campaigns have spent $880.2 million this election cycle, while Trump has spent $354.9 million. Trump’s lower spending may be strategic, with some campaign expenses seemingly shifted to affiliated groups and the RNC.
Billionaire Donors Supporting Harris and Trump
Both candidates have attracted significant support from billionaire donors. Trump’s largest donor, Timothy Mellon, has contributed $150 million, while Elon Musk donated nearly $120 million to the pro-Trump America PAC. Trump has garnered support from almost 50 other billionaires. Harris has secured the backing of at least 76 billionaires, including Reed Hastings, Sheryl Sandberg, and Melinda French Gates. Over 100 venture capitalists, including billionaires Mark Cuban, Vinod Khosla, and Chris Sacca, have also pledged their support for Harris.
Trump’s Legal Fund and Donor Contributions
Trump’s leadership PAC, Save America, has been used to cover his legal expenses. While the campaign initially diverted small-dollar donations to this fund, that practice ceased after Trump partnered with the RNC. He now solicits contributions from larger donors through the Trump 47 Joint Fundraising Committee, with a portion of these donations allocated to Save America.
Background on Harris’s Entry into the Race
Harris entered the presidential race on July 21, following Biden’s withdrawal and endorsement. Her campaign immediately achieved impressive fundraising results, including $81 million in the first 24 hours and $36 million in the 24 hours after announcing Tim Walz as her running mate. Harris’s candidacy energized the Democratic base amid concerns about Biden’s fitness and Trump’s rising poll numbers. Her strong fundraising reflects broader enthusiasm for her candidacy, manifested in online support and grassroots mobilization.
Conclusion
Kamala Harris’s significant fundraising advantage over Donald Trump underscores the substantial financial resources at her disposal for the final weeks of the 2024 presidential campaign. While Trump’s campaign has employed different spending strategies and received substantial backing from certain billionaires, Harris’s fundraising prowess, coupled with Democratic party fundraising, positions her campaign with a considerable financial edge as the election nears.
FAQ
Q: How does Harris’s fundraising compare to previous Democratic nominees?
A: Harris’s fundraising pace appears to be record-breaking, reaching the $1 billion mark faster than any previous candidate.
Q: What impact could the fundraising disparity have on the election outcome?
A: While fundraising is a crucial element in any campaign, allowing for advertising, staffing, and other essential activities, it is not the sole determinant of election outcomes. Other factors like voter turnout, candidate popularity, and campaign messaging also play significant roles.
Q: How are super PACs influencing the election?
A: Super PACs, due to their ability to raise and spend unlimited amounts of money, can significantly influence the flow of information and advertising during an election cycle, potentially swaying public opinion.
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