While Trump may have more cash reserves, the Harris/Biden campaign has surpassed in fundraising with a total of 284 million compared to Trump’s 217 million dollars
During the first half of 2024, Former President Donald Trump maintained a higher cash balance than his rivals. However, President Joe Biden and Vice President Kamala Harris managed to raise more funds. The latest data indicates that Harris has further extended the lead over Trump after Biden exited the race and selected Minnesota Gov. Tim Walz as her running mate.
During the period between January 2023 and June 30, 2024, the Biden, now Harris, campaign gathered a total of $284.1 million in funds, while Trump’s campaign amassed $217.2 million, according to the most recent Federal Election Commission filings available.
Although Trump had a cash advantage over the Biden/Harris campaign at the end of June, with $128.1 million on hand compared to the Democratic campaign’s $96 million.
Initial figures from July indicate that Harris has eliminated Trump’s cash advantage, as her campaign disclosed raising $310 million last month, with a total of $377 million in cash on hand, including contributions from the Democratic National Committee and affiliated groups. In contrast, the Trump campaign reported raising only $138 million but maintains $327 million in cash on hand.
The announcement of Walz as Harris’ vice presidential nominee has boosted fundraising efforts, with the campaign raising $36 million in the 24 hours following the announcement.
Trump disputed the renaming of Biden’s campaign committee for Harris after he withdrew and endorsed her, but this challenge is not foreseen to affect the election.
Many major donors also support independent political organizations like super PACs, which are not restricted by the FEC’s limit on direct campaign contributions. The situation for these groups remains uncertain since Harris joined the race.
As of June 30, the top 10 political action committees backing Trump had raised approximately $255.9 million, while nine outside PACs supporting Harris had amassed $164.6 million by the same date. These figures include both super PACs and hybrid PACs that can contribute directly to her campaign.
Harris’ fundraising momentum following her campaign announcement exceeded the largest donation spikes of the Trump campaign. Trump’s campaign reported a $52.8 million increase in donations in the 24 hours following his conviction on 34 felony charges in May, while Harris raised $81 million in the first day of her campaign.
We will have to wait until August 20 to see how the fundraising of both candidates compares in July. On this date, the campaigns will submit their FEC filings for the month, which will confirm the accuracy of the numbers released and show the amount raised independent of the national parties.
Democrats are surpassing Republicans in fundraising at the party level, with filings from the FEC through June showing the Democratic National Committee raising $285.9 million, compared to the Republican National Committee’s $259.7 million. Despite this, similar to Trump, the RNC had more cash reserves at the end of June, with $101.6 million compared to the DNC’s $78 million. It is likely that Democrats have closed this cash gap, as reports from the Harris campaign suggest donations were made to the national party.
The Biden-Harris campaign has historically been more proactive in spending their funds compared to the Trump campaign. Their expenditures totaled $189.7 million up to June, surpassing the Trump campaign’s $92.1 million. With Harris entering the race, there is anticipation on how this spending trend will evolve, especially after Trump had a consistent lead. Trump’s campaign recently invested $12 million in ads in battleground states, marking his largest ad purchase since the primary election according to Axios.
Both candidates have received financial support from billionaires. Trump’s main donor, billionaire heir Timothy Mellon, contributed a staggering $75 million to support the former president. Other notable billionaire backers include Linda McMahon, Kelcy Warren, Diane Hendricks, Timothy Dunn, and Richard and Elizabeth Uihlein. Elon Musk has also shown support for Trump through the America PAC. On the other hand, Biden attracted support from billionaires like Michael Bloomberg and Reid Hoffman, while Harris secured backing from benefactors such as Reed Hastings, Sheryl Sandberg, and Melinda French Gates.
Trump’s donors not only supported his campaign but also assisted in financing his personal legal fees through Save America. Initially, funds were redirected from small donors to his legal expenses until he partnered with the RNC. Now, Trump is seeking contributions from larger donors through the Trump 47 Joint Fundraising Committee. Harris officially joined the presidential race on July 21, following Biden’s endorsement. Her candidacy revitalized the race, with enthusiastic support reflected in significant fundraising efforts.
