Vice President Kamala Harris has surged ahead in fundraising in the presidential race, surpassing former President Donald Trump and giving Democrats a strong lead. Harris reported receiving a nearly $50 million boost after a recent debate, adding to the $361 million raised by her and her allies in August, almost three times more than the amount raised by Trump. This has put Harris in a commanding position financially, with her campaign committee raising a total of $516.8 million, compared to Trump’s $268.5 million between January 2023 and July 31, 2024. Additionally, Harris had more cash on hand at the end of July, with $219.7 million compared to Trump’s $151.3 million.
Harris’s fundraising success continued into August, with her campaign raising $204.5 million for the month, far outpacing Trump’s $47.5 million. Harris’s entry into the race on July 21 had a significant impact on the financial landscape, with her campaign reporting an impressive $81 million in donations within the first 24 hours. The fundraising gap between Harris and Trump widened further, with the Harris campaign reporting $361 million raised in August, along with $404 million in cash on hand, compared to Trump’s $130 million raised and $295 million in cash on hand.
Following a recent debate on September 10, Harris received an additional $47 million in donations, marking her biggest one-day haul since entering the race. The announcement of Minnesota Governor Tim Walz as her vice presidential nominee also sparked more fundraising for Harris, with $36 million raised within 24 hours after the running mate was announced. Despite challenges from Trump with the FEC and top donors bankrolling independent political groups like super PACs, which are not subject to direct campaign donation limits, Harris has maintained a significant financial advantage over Trump.
Although super PACs supporting Harris have spent approximately $64.5 million since July, PACs supporting Trump have spent approximately $38.9 million during that same period. While Trump has raised more through his top super PACs, collecting $305.6 million since the beginning of the year, Harris has raised $199.2 million through her top PACs. The fundraising landscape is expected to continue evolving in the weeks ahead as the election approaches, with Harris potentially narrowing the financial gap with Trump.
The Democratic National Committee has also been outraising the Republican National Committee, with Democrats raising $316.8 million through July, compared to Republicans’ $290.7 million. Despite slight fluctuations in fundraising numbers month to month, Democrats have held more cash going into August, erasing the GOP’s previous cash advantage. Trump’s largest donors include billionaire Timothy Mellon and other prominent figures, while Harris has garnered support from billionaires like Reid Hoffman and Melinda French Gates. Trump has utilized his personal leadership PAC to fund his legal bills, tapping into larger donors who contribute to his joint fundraising committee.
Harris’s entrance into the presidential race has injected new energy and fundraising success, eclipsing Trump’s financial numbers and positioning Democrats ahead in the fundraising race. Her strong support from donors, including billionaires, has propelled her campaign forward and sparked enthusiasm among voters. As the election approaches, Harris’s fundraising prowess is expected to continue shaping her campaign strategy and financial advantage over Trump.
