Harris Raises $47M in 24 Hours After Debate, Outpaces Trump

Vice President Kamala Harris has significantly outpaced former President Donald Trump in the latest fundraising race, demonstrating a substantial boost in support following her recent debate. According to Forbes, Harris’s campaign saw an extraordinary surge, raising nearly $50 million in just 24 hours after the debate on September 10. This influx of funds contributed to a remarkable $361 million raised by Harris and her allies throughout August, a figure that nearly triples the amount raised by Trump during the same period.

The financial dynamics of the 2024 presidential campaign have shifted dramatically since Harris’s entrance into the race. As of the most recent Federal Election Commission (FEC) filings, which cover up until July 31, 2024, the Biden campaign—now operating under Harris’s name—has amassed a total of $516.8 million. In comparison, Trump’s campaign has raised $268.5 million. This data reflects a notable shift in the fundraising landscape, especially as Harris concluded July with a significant cash advantage, holding $219.7 million compared to Trump’s $151.3 million.

Harris’s strong fundraising numbers are underscored by her impressive $204.5 million haul in July alone, while Trump raised $47.5 million in the same month. This sharp contrast has notably disrupted what was previously a more balanced financial contest between the two candidates. Before Harris entered the race on July 21, the fundraising race was relatively close, with Biden and Trump having raised $284.1 million and $217.2 million, respectively, by the end of June.

The immediate aftermath of Harris’s debate performance saw her campaign report an additional $47 million raised within a single day, according to confirmation from a campaign spokesperson. This figure marked Harris’s largest one-day fundraising total since the launch of her campaign. Trump’s campaign, in contrast, has yet to disclose its post-debate fundraising figures.

Harris’s recent announcement of Minnesota Governor Tim Walz as her vice presidential nominee has further fueled her fundraising efforts. Her campaign reported raising $36 million in the 24 hours following Walz’s announcement. This surge in donations reflects the increased enthusiasm and support for Harris’s candidacy.

When Joe Biden exited the race and endorsed Harris, the Biden campaign committee was rebranded to support Harris’s run. Despite Trump’s challenges to this rebranding with the FEC, it is not expected to have a significant impact on the electoral landscape. Top donors to both campaigns include influential figures and super PACs, which play a crucial role in the financial dynamics of the race. Through August 21, super PACs supporting Harris have spent approximately $64.5 million, while those backing Trump have spent about $38.9 million.

However, Trump’s advantage remains in his super PAC support. The top ten super PACs supporting Trump have collectively raised around $305.6 million this year, while Harris’s top ten PACs have raised approximately $199.2 million. Despite this gap, Harris’s recent fundraising surge suggests she may close this disparity in the coming weeks.

As of the latest reports, Harris’s campaign has raised over $615 million since Biden’s withdrawal, including $82 million from the Democratic National Convention. This figure highlights the robust financial backing Harris has received since entering the race. Harris’s fundraising surge has even surpassed Trump’s previous largest donation spikes. Notably, Trump’s campaign reported raising $52.8 million in the 24 hours following his conviction on 34 felony charges in Manhattan in May, an amount that was eventually surpassed by Harris’s $81 million raised in her first day.

Looking ahead, the precise details of the candidates’ fundraising totals for August will become clear on September 20, when the official FEC filings are due. At the party level, Democrats continue to outpace Republicans, with the Democratic National Committee raising $316.8 million through July, compared to the Republican National Committee’s $290.7 million. While Republicans slightly out-raised Democrats last month, the Democrats retained a cash advantage going into August.

In terms of campaign expenditures, the Biden/Harris campaign has historically spent its funds more rapidly than Trump. Through June, Biden’s campaign had expended $189.7 million, whereas Trump’s campaign spent $92.1 million. This trend has continued, with Harris’s campaign spending $80.7 million in July compared to Trump’s $24.3 million. Overall, the Biden/Harris campaigns have spent $329.5 million this election cycle, while Trump’s campaign has spent $117.2 million. However, signs indicate Trump’s campaign is increasing its spending efforts, particularly with a significant $12 million ad buy targeting battleground states.

Billionaires have played a significant role in financing both candidates. Trump’s major donors include Timothy Mellon, who contributed $115 million, and other prominent figures like Linda McMahon and Kelcy Warren. Harris has also attracted substantial support from billionaires such as Michael Bloomberg, Reid Hoffman, and Melinda French Gates. The endorsement of over 100 venture capitalists and billionaires further bolsters Harris’s fundraising efforts.

In addition to campaign contributions, Trump’s supporters have helped fund his legal battles through his leadership PAC, Save America. Initially, Trump’s campaign diverted a portion of small donations to this legal fund, but this practice ended when he aligned with the RNC. Now, contributions to Trump’s joint fundraising committee support both his campaign and legal expenses.

Kamala Harris’s entry into the presidential race has not only shifted the fundraising dynamics but also reinvigorated her campaign, reflecting significant enthusiasm and support from Democratic donors and voters alike.