In the lead-up to the 2024 U.S. presidential election, Vice President Kamala Harris has demonstrated a significant fundraising advantage over her opponent, former President Donald Trump. According to Federal Election Commission (FEC) reports filed in September 2024, Harris's campaign raised $190 million in August, more than quadrupling Trump's $43 million.
This financial disparity highlights the intense competition for resources as both candidates prepare for the final stretch before the November 5, 2024 election. The fundraising success of Harris's campaign can be attributed to several factors, including her historic position as the first woman, African American, and Asian American vice president, which has energized the Democratic base.
Harris's campaign has strategically utilized its funds, allocating $135 million for media buys and ad production in August alone. This substantial investment in advertising reflects the campaign's focus on reaching voters through various channels. Additionally, the campaign reported spending $6 million on air travel and $4.9 million on payroll and related taxes, indicating a robust ground operation.
"We are building a relentless battleground operation that could determine the outcome in a razor-thin race."
Despite Harris's financial advantage, Trump's campaign and aligned super PACs continue to attract significant support from high-dollar donors. Make America Great Again Inc., a prominent pro-Trump super PAC, raised $25 million in August, with substantial contributions from billionaires and industry leaders.
The role of super PACs in modern U.S. elections has become increasingly significant since the 2010 Citizens United v. FEC Supreme Court decision, which removed limits on independent expenditures by corporations and unions in elections. This ruling has led to a surge in campaign spending, with the 2020 election cycle costing an estimated $14 billion.
Both campaigns are leveraging their resources to build extensive operations across battleground states. Harris's campaign reports having at least 2,000 aides and 312 offices, while Trump's campaign has not disclosed comparable details about its operation size.
The Democratic National Committee (DNC) also outperformed its Republican counterpart in August, raising $68 million compared to the Republican National Committee's $40 million. This financial edge extends to congressional races, with the Democratic Congressional Campaign Committee outraising the National Republican Congressional Committee $22.3 million to $9.7 million.
As the election approaches, both campaigns continue their fundraising efforts. Harris's team is organizing high-profile events, including a fundraiser in Los Angeles on September 29, 2024, with photo opportunities starting at $50,000. The campaign is also allocating funds to support down-ballot candidates, transferring $25 million to assist state and federal races.
The 2024 presidential race is shaping up to be one of the most expensive in U.S. history, reflecting the increasing costs of modern political campaigns and the high stakes involved in securing the 270 electoral votes needed to win the presidency. As both Harris and Trump intensify their efforts in the final weeks, the impact of their respective financial strategies on voter outreach and ultimately, the election outcome, remains to be seen.