Since entering the 2024 presidential race, Vice President Kamala Harris has raised $200 million, showcasing the strong support among Democrats for their new presumptive nominee. This significant fundraising effort helps counter a recent Republican push that saw Donald Trump gaining ground in the financial race. Additionally, Harris has recruited 170,000 new volunteers over the past week.
Harris’ campaign announced the fundraising total on Sunday, with communications director Michael Tyler describing it as a “record-shattering haul.” The campaign reported that 66% of the funds came from first-time donors.
These latest figures build on the $81 million she raised on the first day after President Joe Biden’s exit, an amount the campaign has labeled as the largest 24-hour fundraising total for any candidate in history.
This fundraising achievement underscores the growing support among Democrats for Harris, who only announced her candidacy a week ago following Biden’s decision to withdraw from the race and endorse her. Harris has already secured enough delegate support to secure the nomination and is now in the process of selecting a running mate. Additionally, she received the backing of former President Barack Obama on Friday.
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Biden’s debate fiasco and the subsequent internal party conflict over his future strained his campaign’s finances, causing donors to become hesitant to contribute to a president, 81, who was facing scrutiny over his mental sharpness and his ability to challenge Trump in the November election.
By July, the Biden campaign had $96 million cash on hand, following a spending spree that used up nearly 93% of the funds raised in June. This high expenditure rate significantly outpaced that of rival Trump, whose campaign spent only 46% of its June fundraising and maintained $128 million in reserve. Despite some polls showing Trump with an advantage after the debate and increasing calls for Biden to withdraw, the incumbent’s campaign continued its spending spree.
This development represents a dramatic reversal from earlier in the race when Biden had built a significant financial lead, partly due to the absence of a serious Democratic challenger and Trump’s struggles with a contentious GOP primary and numerous court cases that depleted his funds.
Recently, Trump’s fundraising has surged, fueled by appeals to high-dollar Republican donors and backing from Wall Street and corporate executives attracted by his economic policies. Tesla Inc. Chief Executive Officer Elon Musk, the world’s richest person according to the Bloomberg Billionaires Index, has indicated that he is “making some donations” to a super political action committee supporting the former president, though at a “much lower level” than previously reported. Sources have suggested that Musk is committed to contributing $45 million a month to the pro-Trump group.
In the second quarter, Trump and the Republican National Committee raised $331 million, surpassing the $264 million collected by Biden and the Democratic National Committee. In response, Democratic Wall Street donors are rallying to leverage their networks and assist Harris in narrowing the fundraising gap with Trump.
Trump’s campaign has filed a complaint with the Federal Election Commission, alleging that Biden’s transfer of his $96 million in funds may be illegal. While this raises a novel legal issue, many campaign finance experts believe that the transfer is likely permissible.
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