Harris' Fundraising Surge Shakes Up the Presidential Race

Vice President Kamala Harris' entry into the presidential race in July has transformed the fundraising landscape, giving Democrats a commanding lead as the election approaches the home stretch. The Harris campaign and affiliated groups have reported raising a staggering 1 million in August, nearly three times what the Trump campaign raised during the same period.

A Fundraising Juggernaut Emerges

The Changing Fortunes of the Campaigns

The Biden-now-Harris campaign committee has raised a total of 6.8 million between January 2023 and July 31, 2024, far outpacing the 8.5 million raised by the Trump campaign during the same period. This surge in fundraising has enabled Harris to erase Trump's previous cash advantage, with the vice president ending July with 9.7 million in cash on hand compared to Trump's 1.3 million.The Harris campaign's fundraising prowess was on full display in July, when it reported raising 4.5 million, while the Trump campaign managed to raise just .5 million. This dramatic shift in the cash race has shaken up the dynamics of the presidential election, which had previously been more evenly matched.

Harnessing the Power of Grassroots Support

The Harris campaign's fundraising success has been further bolstered by its ability to tap into a groundswell of enthusiasm from the Democratic base. When the vice president announced her candidacy on July 21, her campaign reported an astounding million in donations within the first 24 hours, surpassing even the biggest donation bumps seen by the Trump campaign.This outpouring of grassroots support has continued, with the Harris campaign reporting that it and affiliated groups raised 1 million in August, far exceeding the 0 million that Trump and his groups were able to raise during the same period. The announcement of Minnesota Governor Tim Walz as Harris' running mate further fueled this momentum, with the campaign reporting a million surge in donations within 24 hours of the announcement.

The Shifting Fortunes of the Parties

The fundraising edge enjoyed by the Harris campaign is not limited to the presidential race. At the party level, the Democratic National Committee has raised 6.8 million, outpacing the 0.7 million raised by the Republican National Committee. This advantage has persisted even as the RNC narrowly outraised the DNC in July, with the Democrats still holding a significant cash-on-hand advantage going into August.

The Role of Billionaire Donors

Both the Harris and Trump campaigns have attracted significant support from the billionaire class, with each candidate boasting a roster of deep-pocketed benefactors. Trump's biggest donor is Timothy Mellon, who has contributed an eye-popping 5 million to support the former president, including a million donation to a pro-Trump super PAC in July.Harris, on the other hand, has garnered the backing of a diverse array of billionaires, including tech entrepreneur Reid Hoffman, Netflix co-founder Reed Hastings, and philanthropist Melinda French Gates. More than 100 venture capitalists have also thrown their weight behind the vice president's campaign, pledging to vote for her and contribute to her fundraising efforts.

The Shifting Spending Landscape

The Harris campaign has historically been more aggressive in its spending than the Trump campaign, reporting 9.7 million in expenditures through June, compared to just .1 million by the Trump campaign. This trend has continued since Harris entered the race, with the vice president's campaign spending .7 million in July, while Trump's campaign spent only .3 million.However, there are signs that the Trump campaign is ramping up its spending as Harris has narrowed the polling gap between the two sides. In August, the ex-president's campaign made a million ad buy for advertisements in battleground states, believed to be Trump's biggest ad buy since the primary election.As the campaign enters the home stretch, the financial resources at the disposal of each candidate will undoubtedly play a crucial role in shaping the outcome of the race. The Harris campaign's remarkable fundraising success has given Democrats a significant advantage, but Trump and his supporters remain determined to mount a formidable challenge in the weeks and months ahead.