Vice President Kamala Harris has surged ahead in the presidential election fundraising battle, leaving former President Donald Trump trailing behind by a wide margin. As of late September, Harris’ campaign has reportedly raised over $1 billion, more than triple the amount Trump has been able to collect.
Financial gap widened in August
Harris’s campaign committee, formerly Biden’s, raised $678.2 million between January 2023 and August 31, 2024, compared to Trump’s $309.2 million. This financial gap widened even further at the end of August, with Harris holding $235.5 million in cash on hand, far more than Trump’s $134.6 million.
In August alone, Harris’ campaign brought in a staggering $189.6 million, while Trump managed just $44.5 million. This drastic increase in donations followed Harris’ entry into the race after President Biden dropped out, shaking up what had been a much closer contest between Biden and Trump.
Multiple fundraising efforts, including a series of high-profile events in New York City and San Francisco, helped Harris reach this impressive total. Her campaign also raised a record $81 million within the first 24 hours of her announcement, and an additional $47 million was donated after her debate with Trump on September 10, marking her largest one-day fundraising success since entering the race.
Trump Struggles to Keep Up
While Trump’s campaign has experienced some financial success, including a $52.8 million boost after his conviction on 34 felony charges in May, his fundraising efforts have been eclipsed by Harris. In fact, Trump’s biggest day pales in comparison to the $81 million Harris brought in on her first day as a candidate.
Though Trump has leaned on wealthy backers like billionaire Timothy Mellon, who has donated $115 million, and well-known figures like Elon Musk, his overall fundraising numbers still lag significantly behind Harris’ billion-dollar haul.
The role of super PACs
Both candidates have also received support from super PACs. However, Trump currently holds a slight edge in this area, with super PACs raising around $329.4 million to support him since the beginning of the year, compared to $256.6 million for Harris. That said, some pro-Harris PACs have yet to file their latest fundraising totals, which could close the gap once their numbers are reported in October.
Harris has hit the $1 billion mark faster than any other presidential candidate in U.S. history. Both Biden and Trump raised over $1 billion in the 2020 election, but their fundraising totals were spread out over a much longer period of time. Harris’s ability to raise such a large sum in less than 80 days has set a new record and demonstrates the enthusiasm behind her campaign.
The fundraising race between Harris and Trump will become clearer once the next round of Federal Election Commission (FEC) filings are submitted on October 20. Until then, Harris has continued to lead both overall funds raised and cash on hand, setting a strong financial foundation for her campaign moving forward.
As the election approaches, both candidates will continue to rely on wealthy donors and super PACs, but it remains to be seen if Trump can catch up to Harris’ unprecedented fundraising success.
