Harris Surges Ahead in Campaign Fundraising
As the US presidential race intensifies, Vice President Kamala Harris has overtaken former President Donald Trump in the fundraising race. Between January 2023 and July 31, 2024, the Biden—now Harris—campaign committee raised an impressive $516.8 million, far surpassing the $268.5 million collected by Trump’s campaign, according to the latest Federal Election Commission (FEC) filings.
Record-Breaking Fundraising Milestones
After stepping in as the Democratic presidential candidate, Harris’s campaign funds swelled to $540 million, with her team reporting $82 million in donations during the Democratic National Convention last week. The announcement of Minnesota Governor Tim Walz as her vice-presidential running mate further boosted her fundraising, generating $36 million within just 24 hours.
“This is the most ever raised by any presidential campaign in this timeframe,” noted O’Malley Dillon in a campaign memo.
Dramatic Shift Following Biden’s Exit
The fundraising landscape dramatically shifted in favor of the Democrats after President Joe Biden stepped aside for Kamala Harris in July. Harris’s entry into the race proved to be a game-changer, with her campaign raising $204.5 million in just ten days. Within the first 24 hours alone, her campaign received $81 million in donations, compared to Trump’s $47.5 million raised in July.
This July surge reshaped what had previously been a closer financial contest between Biden and Trump. Until June, Biden and Trump had raised $284.1 million and $217.2 million, respectively. However, by the end of July, the gap widened, with Harris’s campaign holding $219.7 million in cash on hand, significantly outpacing Trump’s $151.3 million.
Trump’s Advantage Through Super PAC Support
Despite Harris’s dominance in direct campaign fundraising, Trump still holds an edge in support from independent political groups, such as super political action committees (PACs). FEC filings through August 21 show that super PACs have spent around $64.5 million supporting Harris since early July, while PACs backing Trump have spent $38.9 million.
However, the top 10 super PACs supporting Trump, including those backed by Elon Musk, have collectively raised approximately $305.6 million since the beginning of the year, outpacing the $199.2 million raised by the top 10 PACs supporting Harris.
