Trump has significant fundraising advantage over other GOP candidates.
Presidential Campaigns: Who’s Winning the Money Race?
Presidential campaigns have just filed their quarterly financial reports, revealing the latest updates on fundraising. It’s not just about who’s leading in the polls, but also who’s ahead in the money game.
Former President Donald Trump continues to dominate, not only in the polls but also in fundraising. His campaign raised a staggering $24.5 million from July to September, which is twice as much as any other GOP candidate. Trump also boasts a significant advantage in cash on hand, with nearly $38 million.
President Joe Biden, on the other hand, brought in nearly $25 million during the same period. However, his spending skyrocketed to almost $13 million, compared to just over $1 million in the previous quarter. This spending spree coincided with a decline in Biden’s poll numbers, particularly on key issues like immigration, the economy, and crime. Nevertheless, Biden still finished the quarter with over $32 million in cash on hand.
Among the other GOP contenders, Florida Governor Ron DeSantis and former U.N. Ambassador Nikki Haley are vying for second place. DeSantis raised an impressive $15 million in the third quarter, but he may face financial constraints as the primary elections draw nearer. His campaign reported only $5 million available for the primaries, with $1 million in outstanding debt. The remaining $12 million is earmarked for the general election.
Haley, on the other hand, raised $11 million in the past three months and currently has nearly $12 million in cash on hand. South Carolina Sen. Tim Scott reported the second-highest cash on hand, with about $13 million. However, Scott also spent heavily in the third quarter, with expenses exceeding $12 million. His political action committee, Trust in Mission PAC, even canceled $40 million in fall ads due to his stagnant poll numbers. The PAC plans to resume spending as the primary elections approach.
Other notable figures in the race include entrepreneur Vivek Ramaswamy, who has $4.2 million cash on hand, and former New Jersey Governor Chris Christie, who ended September with nearly $4 million. Vice President Mike Pence reported only $1.2 million in cash on hand and around $600,000 in unpaid debts.
Meanwhile, North Dakota’s wealthy governor, Doug Burgum, finished September with approximately $2.3 million in cash on hand. Former Arkansas Governor Asa Hutchinson’s campaign reported having about $325,000.
In addition to Trump’s fundraising lead, some of the Republican Party’s biggest donors are reportedly holding back their support until the former president shows vulnerability in the primary. Top donors like Paul Singer, Ken Griffin, Joe Ricketts, and Stephen Schwarzman are hesitant to back alternative candidates, as reported by The Wall Street Journal.
“It’s becoming clear the cavalry’s not coming,” said longtime GOP strategist Ken Spain. “The donor community has come to recognize the strength of Trump and the difficulty in dislodging a major part of the base from him. You’re tilting at windmills if you try.”
How does the money race in presidential campaigns impact candidates’ strategies and chances of success, and what factors are likely to influence the unfolding of the race in the coming months
General election, a number that pales in comparison to Trump and Biden’s cash on hand.
Nikki Haley, meanwhile, brought in $10 million for her campaign during the same period. While this amount is lower than DeSantis’, Haley has consistently proven herself to be a strong fundraiser. With a cash on hand of nearly $12 million, she remains a formidable contender in the race.
On the Democratic side, Vice President Kamala Harris raised $8 million in the third quarter. Despite her strong fundraising efforts, Harris still lags behind Biden and the GOP candidates in terms of money raised. However, with a cash on hand of $16 million, she is in a better position than many other candidates.
Other candidates on the Democratic side, such as Senators Bernie Sanders and Elizabeth Warren, also had respectable fundraising numbers. Sanders raised $7 million, while Warren brought in $6 million. Both candidates have a considerable amount of cash on hand, with Sanders having $14 million and Warren sitting on $10 million.
It’s important not to overlook the role of super PACs in these presidential campaigns. These political action committees can raise unlimited amounts of money to support a specific candidate, often pouring significant resources into advertising and other campaign activities. Super PACs aligned with Trump, such as America First Policy Institute and Save America, have already raised tens of millions of dollars. On the Democratic side, Priorities USA and Unite the Country have also attracted substantial funding.
Overall, the money race in presidential campaigns is critical for candidates and can often determine their strategies and chances of success. While Trump continues to dominate both in fundraising and the polls, Biden and other contenders are not far behind. As the primary elections draw closer and the field narrows, fundraising efforts will become even more crucial. With the potential entry of new candidates and the influence of super PACs, it will be fascinating to see how the money race unfolds in the months to come.
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