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Donald Trump vs Kamala Harris: Who's winning the funds race?
US Election: Kamala Harris has outpaced Donald Trump in fundraising race but he still enjoys an advantage, thanks to PACs
As the U.S. presidential race heats up, Vice President Kamala Harris has surged ahead of former President Donald Trump in the fundraising battle.
Fundraising race: Kamala Harris surges past Donald Trump
Between January 2023 and July 31, 2024, the Biden—now Harris—campaign committee raised an impressive $516.8 million, far ahead of $268.5 million raised by Trump’s campaign committee, according to the latest Federal Election Commission (FEC) filings.
After DNC Democrat presidential candidate saw her funds rise to $540 million since she took over, with her campaign team claiming she received $82m during last week’s convention. Additionally, Harris’s announcement of Minnesota Governor Tim Walz as her vice-presidential running mate further boosted fundraising, generating $36 million within 24 hours.
“This is the most ever for any presidential campaign in this time span,” O’Malley Dillon wrote in a memo released by the campaign
The fund race saw a dramatic shift towards the Democrats soon after Biden stepped aside for Kamala Harris in July. Her campaign raised a whopping $204.5 million within 10 few days. Her game-changer entry into the race brought in an astounding $81 million in donations within the first 24 hours. In comparison Trump received only $47.5 million in July.
This surge in July completely reshaped what had been a closer financial contest between Biden and Trump, who had raised $284.1 million and $217.2 million, respectively until June.
Since July the fundraising gap between the two campaigns has widen and by end of the month, Harris’s campaign held $219.7 million in cash on hand, outpacing Trump’s $151.3 million.
Also Read: US Poll of Polls: What does the latest trend suggest?
Fundraising race: It's advantage Trump despite negative numbers
Despite Harris’s dominance in direct campaign fundraising, Trump still holds an advantage in support from independent political groups like super political action committees (PACs). FEC filings through August 21 show that super PACs have spent approximately $64.5 million supporting Harris since early July, compared to $38.9 million spent by PACs backing Trump.
However, the top 10 super PACs (backed by Elon Musk) supporting Trump have collectively raised around $305.6 million since the beginning of the year, outpacing the $199.2 million raised by the top 10 PACs supporting Harris.
As the campaign continues, Harris’s ability to sustain her fundraising momentum and narrow the super PAC gap could be pivotal in determining the financial landscape of the 2024 election.
