Kamala Harris, the U.S. Vice President and Democratic presidential candidate, has taken a commanding lead in the fundraising competition against her Republican opponent, former President Donald Trump. In August, Harris raised an impressive $189.6 million, nearly $150 million more than Trump, who collected only $44.5 million.
Recent Federal Election Commission (FEC) filings indicate that Harris’s campaign, which has taken over from President Joe Biden’s following his withdrawal from the race, has garnered a total of $678.2 million from January 2023 to August 31, 2024. In comparison, Trump’s campaign raised $309.2 million during the same period. As of the end of August, Harris had $235.5 million in cash on hand, significantly more than Trump’s $134.6 million.
The surge in Harris’s fundraising is attributed to her entry into the race in July after Biden stepped aside. The momentum continued to build following her first presidential debate against Trump on September 10, during which she raised $47 million in a single day.
One of her most successful fundraisers took place in New York City, where she collected $27 million, with a focus on discussing the economy and the rising costs of living. Harris’s campaign spokesperson, James Singer, noted the unprecedented enthusiasm surrounding her candidacy.
In contrast, Trump’s highest single-day fundraising occurred after his conviction in May, totaling $52.8 million. However, Harris managed to raise $81 million shortly after launching her campaign, demonstrating her fundraising prowess. The announcement of Minnesota Governor Tim Walz as her running mate also contributed to her fundraising success, generating an additional $36 million in a single day.
Despite Harris’s strong performance, Trump retains support from independent political groups, with PACs backing him raising $329.4 million compared to $256.6 million for Harris. Overall, the Democratic Party outperformed the Republican Party in July, collecting $385.5 million compared to $331.1 million.
Notably, Harris’s campaign has spent significantly more than Trump’s, with expenditures of $173.8 million in August alone against Trump’s $61.3 million. Wealthy donors have played a crucial role in this fundraising landscape, with figures like Timothy Mellon supporting Trump, while Harris has received backing from prominent figures like Reed Hastings and Sheryl Sandberg, along with support from over 100 venture capitalists, including Mark Cuban and Vinod Khosla.
