Kamala Harris Tops Trump in Fundraising Battle

Vice President Kamala Harris’ recent entry into the 2024 presidential race has significantly altered the fundraising landscape, creating a competitive financial battle between her campaign and that of former President Donald Trump. Since President Joe Biden’s unexpected withdrawal from the race, the Harris campaign has rapidly gained momentum, raising an astonishing amount of money in a short period. According to Federal Election Commission (FEC) filings, the combined efforts of the Biden-Harris campaign have far outpaced Trump’s fundraising, resulting in a dramatic shift in the financial dynamics of the race.

Between January 2023 and the end of July 2024, the Harris campaign amassed $516.8 million, dwarfing Trump’s total of $268.5 million over the same period. Notably, Harris’ campaign has been able to erase Trump’s previous cash advantage, ending July with $219.7 million in available funds compared to Trump’s $151.3 million. This significant financial edge is a direct result of Harris’ entry into the race, which has energized Democratic donors and resulted in an unprecedented fundraising surge.

In July alone, the Harris campaign raised $204.5 million, while Trump’s campaign brought in $47.5 million. This massive influx of funds has turned what was once a closer financial contest into a lopsided race. Before Biden’s exit, both candidates had raised substantial sums—Biden with $284.1 million and Trump with $217.2 million—but Harris’ arrival on the scene has quickly shifted the balance. Within just 24 hours of announcing her candidacy on July 21, Harris managed to raise an impressive $81 million, underscoring the enthusiasm and financial support she commands among Democrats.

The Harris campaign’s fundraising momentum has continued into August, with reports indicating that her campaign and allied groups have collectively raised $540 million since Biden stepped down, including $82 million during the Democratic National Convention. These figures, however, will not be officially confirmed until the FEC releases its August data in September.

Adding to the campaign’s financial success, Harris’ choice of Minnesota Governor Tim Walz as her vice-presidential running mate has further spurred donations. The campaign reported raising $36 million within 24 hours of the announcement, highlighting the excitement surrounding the Harris-Walz ticket.

While Harris has benefited from the Biden campaign’s existing infrastructure, including its renaming to reflect her candidacy, Trump has faced challenges in keeping up with her fundraising pace. Although Trump has contested the renaming of the Biden campaign committee with the FEC, it is not expected to have a significant impact on the election.

One area where Trump still maintains an advantage is in contributions to independent political groups, such as super PACs, which are not subject to the same donation limits as direct campaign contributions. FEC filings through August 21 reveal that super PACs supporting Harris have spent approximately $64.5 million since early July, compared to $38.9 million spent by PACs backing Trump. Despite this, Trump’s top 10 super PACs have collectively raised $305.6 million since the start of the year, while the top 10 PACs supporting Harris have raised $199.2 million. This gap, however, could narrow as the election approaches, particularly given Harris’ recent fundraising success.

A surprising aspect of the fundraising race is the magnitude of Harris’ initial fundraising surge, which outpaced Trump’s previous best efforts. For example, after being convicted on 34 felony charges in May, Trump’s campaign raised $52.8 million within 24 hours, causing a temporary crash of the WinRed donation platform. However, Harris surpassed this milestone, raising $81 million within the first 24 hours of her campaign.

Looking ahead, both campaigns will reveal their August fundraising totals on September 20, when they submit their FEC filings. This will provide a clearer picture of how the two candidates are faring financially as the election draws closer.

On a broader level, Democrats are also outperforming Republicans in fundraising at the party level. FEC filings through July show that the Democratic National Committee (DNC) has raised $316.8 million, compared to the Republican National Committee’s (RNC) $290.7 million. Although Republicans slightly outraised Democrats in July, with $30.94 million to the Democrats’ $30.9 million, the DNC still entered August with a larger cash reserve, holding $65.8 million compared to the RNC’s $30.9 million. This shift has eliminated the GOP’s previous financial advantage from the end of June.

The spending patterns of the Harris and Trump campaigns also reveal differing strategies. The Biden-Harris campaign has historically spent more aggressively, with $189.7 million spent through June, compared to Trump’s $92.1 million. This trend has continued with Harris in the race, as her campaign spent $80.7 million in July, while Trump’s campaign spent $24.3 million. In total, the Biden-Harris campaign has spent $329.5 million this election cycle, while Trump has spent $117.2 million. Despite this disparity, there are indications that Trump’s campaign is ramping up its spending, particularly with a $12 million ad buy in battleground states through mid-August.

The race for billionaire support has also been competitive, with high-profile donors backing both candidates. Trump’s largest donor, Timothy Mellon, has contributed $115 million to support the former president, including a $50 million donation to Trump’s super PAC in July. Other prominent Trump supporters include Linda McMahon, Kelcy Warren, Diane Hendricks, and Richard and Elizabeth Uihlein. On the Democratic side, Harris has attracted support from billionaires such as LinkedIn founder Reid Hoffman, Netflix co-founder Reed Hastings, former Meta COO Sheryl Sandberg, and philanthropist Melinda French Gates. A group of over 100 venture capitalists, including Mark Cuban and Vinod Khosla, have also pledged their support for Harris.

In addition to campaign contributions, Trump’s donors have also helped finance his personal legal bills through his leadership PAC, Save America. This PAC has been used to pay Trump’s legal fees as he faces multiple legal challenges. Initially, Trump’s campaign diverted 10% of every dollar raised through his website to Save America, but this practice ended when he joined forces with the RNC in March. However, Trump is now seeking contributions from larger donors to support his legal fund through the Trump 47 Joint Fundraising Committee.

Harris’ entry into the presidential race has revitalized the Democratic campaign, bringing in substantial financial support and reshaping the competition with Trump. As the race progresses, the fundraising efforts of both campaigns will continue to play a crucial role in determining the outcome of the 2024 election.