Harris Outraises Trump by Nearly $150 Million in August

Vice President Kamala Harris’ recent entry into the presidential race has dramatically reshaped the fundraising landscape, with her campaign significantly outpacing that of former President Donald Trump. Recent Federal Election Commission (FEC) filings reveal that Harris raised over $678 million from January 2023 to August 31, 2024, compared to Trump’s $309 million, giving her a substantial cash advantage of more than $100 million at the end of August.

As of the end of August, Harris reported having $235.5 million in cash on hand, while Trump’s campaign held $134.6 million. This shift marks a significant turnaround from the end of June, when Trump had a larger cash reserve. The Harris campaign’s fundraising prowess became evident in August when it generated an impressive $189.6 million, far surpassing Trump’s $44.5 million during the same month. This fundraising surge has fundamentally altered what was previously a more competitive financial race between the candidates; by the end of June, Biden and Trump had raised $284.1 million and $217.2 million, respectively.

While the official fundraising numbers for September will be available next month, Harris’s campaign spokesman, James Singer, announced that her team and affiliated groups raised $47 million within 24 hours after her debate with Trump on September 10—her largest single-day fundraising effort since launching her campaign. Additionally, her most successful fundraiser to date occurred in New York City, bringing in $27 million.

Harris launched her campaign on July 21, quickly garnering significant financial support. In her first 24 hours, she raised an astounding $81 million. The announcement of Minnesota Governor Tim Walz as her vice-presidential running mate further energized her fundraising efforts, resulting in $36 million raised in the day following the announcement.

Following Biden’s exit from the race, the campaign committee was renamed to reflect Harris’s candidacy, leading to questions regarding the implications of Trump’s challenges to the FEC regarding the name change. Nonetheless, experts do not anticipate that these challenges will have a major impact on the election outcomes. It’s also important to note that many top donors contribute to independent political groups, such as super PACs, which are not limited by the FEC’s maximum individual contribution limit of $6,600 for direct campaign donations. Trump currently enjoys an advantage in this area.

According to FEC filings through August 21, super PACs supporting Harris have collectively spent around $167 million since July, compared to the $55.2 million spent on behalf of Trump. The top ten super PACs backing Trump have raised approximately $329.4 million in total since the beginning of the year, while Harris’s top ten PACs have raised $256.6 million. However, as some PACs have only reported fundraising totals through the end of the last quarter, it is likely that the numbers for pro-Harris PACs will be more favorable in the upcoming quarterly release in October.

In total, the Harris campaign claims to have raised over $615 million since Biden stepped down, including $82 million during the Democratic National Convention. The fundraising disparity between the two candidates has been striking, particularly considering Trump’s best single-day haul of $52.8 million, which followed his conviction on 34 felony charges in Manhattan. Despite the tumultuous event, Harris’s first-day fundraising of $81 million eclipsed Trump’s efforts.

As we move toward October, we will gain clearer insights into the candidates’ fundraising capabilities as the FEC filings for September will be released. At the party level, Democrats continue to outraise Republicans, with FEC data indicating the Democratic National Committee has raised $385.5 million this election cycle, compared to the Republican National Committee’s $331.1 million. Although Republicans slightly outperformed Democrats in July, raising $30.94 million against Democrats’ $30.9 million, the latter reclaimed a fundraising lead in August, pulling in $68.7 million to the GOP’s $40.4 million. However, Republicans still had a larger cash reserve heading into September, with $79.3 million compared to the Democrats’ $50 million.

In terms of expenditures, the Biden-Harris campaign historically spends funds more rapidly than Trump’s campaign. Through June, Harris’s campaign had spent $173.8 million, compared to Trump’s $61.3 million for that month. In total, the Biden and Harris campaigns have spent $444.5 million this election cycle, while Trump’s campaign has spent $177.6 million.

Both candidates have garnered significant backing from billionaire donors. Trump’s most notable contributor, Timothy Mellon, has donated $115 million to support his campaign, including a recent $50 million contribution to the Trump Make America Great Again super PAC. Other high-profile supporters include Linda McMahon and Tesla founder Elon Musk, who has shown interest in backing Trump through his newly formed America PAC.

Conversely, Harris has also attracted numerous wealthy benefactors, including Netflix co-founder Reed Hastings and philanthropist Melinda French Gates. Over 100 venture capitalists, including billionaires like Mark Cuban and Vinod Khosla, publicly pledged their support for Harris, further underscoring her fundraising prowess.

Trump’s fundraising strategy has also evolved, with his campaign now seeking assistance from larger donors after initially relying on small contributions to support his legal battles through his leadership PAC, Save America. Recent efforts now involve asking larger donors to contribute to his Trump 47 Joint Fundraising Committee, which allocates funds to both his campaign and legal fees.

In summary, Kamala Harris’s entry into the race has not only revitalized her campaign but has also positioned her to outpace Donald Trump in fundraising, reflecting a surge of support from both individual and institutional donors. As we move forward in the election cycle, the implications of these fundraising dynamics will undoubtedly play a critical role in shaping the strategies of both candidates.