Kamala Harris Leads Fundraising Race Against Donald Trump in 2024 U.S. Presidential Election
News Mania Desk/Agnibeena Ghosh/26th August 2024
As the 2024 U.S. presidential race intensifies, Vice President Kamala Harris has taken a significant lead over former President Donald Trump in the battle for campaign funds. According to the latest filings from the Federal Election Commission (FEC), Harris’s campaign has outpaced Trump’s by a considerable margin.
Between January 2023 and July 31, 2024, the campaign committee for Biden—now Harris—successfully raised a staggering $516.8 million. This amount far surpasses the $268.5 million raised by Trump’s campaign committee during the same period. Harris’s ascent in the fundraising arena began after she took the reins of the Democratic campaign following President Biden’s decision to step aside in July. Her campaign’s finances saw an extraordinary surge, particularly during the Democratic National Convention, where she raised $82 million in just one week.
The choice of Minnesota Governor Tim Walz as her vice-presidential running mate also proved to be a strategic move, bringing in an additional $36 million within 24 hours of the announcement. Dillon, a senior campaign official, noted in a memo that these fundraising numbers are unprecedented for any presidential campaign within such a short time frame.
The most dramatic shift in the fundraising landscape occurred in July when Harris officially entered the race. Within the first 10 days of her campaign, she managed to raise an astounding $204.5 million. Of that total, $81 million was secured within the first 24 hours of her announcement—a figure that underscored her strong appeal to donors. In contrast, Trump’s campaign raised only $47.5 million in July, a stark difference from Harris’s rapid financial gains.
This sudden influx of funds for Harris significantly altered the dynamics of the race, which had been much closer when Biden was still a candidate. By June, Biden and Trump had raised $284.1 million and $217.2 million, respectively. However, after Harris took over, the gap between the two campaigns widened dramatically. By the end of July, Harris’s campaign reported having $219.7 million in cash on hand, compared to Trump’s $151.3 million.
Despite Harris’s dominance in direct campaign fundraising, Trump continues to hold a key advantage in support from independent political groups, particularly super political action committees (PACs). FEC filings through August 21 revealed that super PACs have spent approximately $64.5 million in support of Harris since early July, whereas PACs backing Trump have spent about $38.9 million.
Notably, the top 10 super PACs supporting Trump, including those backed by prominent figures like Elon Musk, have collectively raised around $305.6 million since the beginning of the year. This amount exceeds the $199.2 million raised by the top 10 PACs supporting Harris. This financial backing from super PACs remains a crucial component of Trump’s campaign strategy as the election progresses.
As the race continues, Harris’s ability to sustain her fundraising momentum will be pivotal in shaping the financial landscape of the 2024 election. While she has taken a commanding lead in direct fundraising, narrowing the gap in super PAC support will be essential for maintaining her competitive edge against Trump. The outcome of this financial battle could play a significant role in determining the next President of the United States.
