Kamala Harris has significantly boosted Democratic fundraising since taking over as the party’s presidential nominee, helping to erase Donald Trump’s cash advantage. Independent candidate Robert F. Kennedy Jr.’s campaign is facing financial difficulties, with reports that they may exit the race and endorse Trump. Outside groups funded by megadonors have raked in millions and spent heavily on advertising campaigns following the shift in the presidential race landscape.
In July, Harris reported approximately $220 million in cash on hand, a substantial increase from the previous month when Joe Biden was still in the race. Harris also outpaced Trump in campaign funds, with her team expecting to surpass $500 million in fundraising soon. The latest FEC filings show that Harris raised $204.5 million directly to her campaign account in July, compared to Trump’s $47.5 million. Harris also outspent Trump in campaign expenses during the same period.
Both national party committees reported significant fundraising totals in July, with the Republican National Committee maintaining a cash advantage over the Democratic National Committee. Megadonors from both parties contributed millions to prominent outside groups, with the leading super PACs backing Harris and Trump raising substantial amounts. MAGA Inc., a pro-Trump super PAC, received a $50 million donation in July, highlighting the role of outside groups in the 2024 presidential race.
Outside groups have played a crucial role in the ad spending race, with megadonor-funded super PACs supporting Harris and Trump spending millions on advertising. FF PAC, MAGA Inc., and other groups have invested heavily in defining the narrative of the general election. AdImpact data shows that Democratic groups have more future ad reservations than Republicans, indicating that outside groups will continue to play a significant role in the upcoming months leading to the election.
The future of Robert F. Kennedy Jr.’s presidential bid is uncertain, as the campaign faces financial challenges and potential ballot access issues. With limited resources and outstanding debts, the campaign may consider exiting the race and endorsing Trump. Kennedy’s running mate, Nicole Shanahan, had provided crucial funding to the campaign before receiving a refund in July. The campaign’s struggles underscore the challenges faced by independent candidates in a high-stakes election season reshaped by Harris’ nomination as the Democratic nominee.
