Vice President Kamala Harris has made a significant impact on the fundraising race for the 2024 presidential election, with her campaign reporting a nearly $50 million boost after a recent debate, adding to the $361 million already raised by Harris and her allies in August. This puts the Democrats in a commanding lead, as Harris has raised nearly three times as much as former President Donald Trump. FEC filings show that Harris has raised a total of $516.8 million, while Trump has raised $268.5 million between January 2023 and July 31, 2024. Harris also ended July with more cash on hand than Trump, erasing his previous cash advantage.
In July alone, the Harris campaign raised $204.5 million, while the Trump campaign raised $47.5 million, shifting the previously evenly-matched cash race. Harris entered the race on July 21 and quickly posted huge fundraising numbers, with her campaign reporting $81 million in donations in the first 24 hours. Although official fundraising totals for August have not been filed yet, the Harris campaign reported that they raised $361 million, with $404 million in cash on hand, far surpassing Trump’s reported $130 million raised last month, with $295 million in cash on hand.
The momentum for Harris continued after the recent debate on Sept. 10, where she raised an additional $47 million in the 24 hours following the event. Harris also announced Minnesota Gov. Tim Walz as her vice presidential nominee, which fueled more fundraising, with the campaign reporting $36 million raised in the 24 hours after the running mate was announced. Biden’s campaign committee was renamed for Harris when he dropped out and endorsed her, further solidifying her position as the Democratic candidate.
While Harris currently leads in fundraising, it is important to note that many top donors also support independent political groups like super PACs, which are not bound by the FEC’s donation limits. Trump still holds an advantage in this area, with the top 10 super PACs supporting him collectively raising approximately $305.6 million compared to $199.2 million raised by the top 10 PACs supporting Harris. However, there is potential for Harris to narrow this gap in the coming weeks.
Overall, the fundraising numbers suggest a surge of support for Harris as she enters the presidential race, reigniting excitement on the Democratic side. Her fundraising success reflects a broader enthusiasm about her candidacy on the left, as evidenced by the explosion of social media memes and the mobilization of thousands of supporters for her campaign. As the campaigns head into the final stretch before the election, it will be interesting to see how the fundraising numbers continue to evolve and impact the race for the White House.
