U.S. Vice President and Democratic presidential candidate Kamala Harris speaks at a campaign rally in Milwaukee, Wisconsin, U.S. August 20, 2024. REUTERS/Marco Bello/File Photo
Kamala Harris Outpaces Donald Trump in July Fundraising Ahead of 2024 Presidential Election
Significant Fundraising Lead
In a strong showing of support ahead of the November 5th presidential election, Kamala Harris’ main campaign fundraising group raised four times the amount of money in July compared to Donald Trump’s campaign, according to federal disclosures filed on Tuesday. Harris, the Democratic Vice President and presidential candidate, reported raising $204 million last month, significantly outpacing the $48 million raised by Trump’s main fundraising group.
Campaign Dynamics
Harris’ fundraising totals include contributions made in the lead-up to her official campaign launch on July 21, after President Joe Biden suspended his re-election bid and endorsed her. Following Biden’s endorsement, Harris assumed control of Biden’s established fundraising network, which has significantly bolstered her campaign’s financial resources.
In terms of expenditures, Harris also led Trump, spending $81 million in July compared to Trump’s $24 million, according to reports filed with the Federal Election Commission (FEC).
Combined Party Fundraising
Harris’ campaign had previously announced that it, together with the Democratic Party’s primary fundraising group, had raised a total of $310 million in July. By comparison, the Trump campaign and the Republican Party together reported raising $138 million in the same period. Although both candidates and their parties coordinate closely, the funds raised directly by the campaigns are particularly critical, as they benefit from steep discounts on television advertising, unlike the parties and affiliated groups, which must pay full price.
Trump’s Support from Conservative Donors
Despite the disparity in direct campaign fundraising, Trump’s re-election efforts have been bolstered by significant contributions from wealthy conservative donors. Notably, conservative billionaire Timothy Mellon, an heir to the Mellon banking fortune, donated an additional $50 million to the pro-Trump super PAC, MAGA Inc., in July. This brings his total contributions to the super PAC to at least $115 million this year. MAGA Inc. is one of the largest spenders in the 2024 election cycle, having reported over $43 million in expenditures in July alone to support Trump’s campaign.
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