A supporter holds a sign as members of the San Francisco Democratic Party hold a rally in support of Kamala Harris at City Hall in San Francisco, California, July 22, 2024, after U.S. President Joe Biden announced he was dropping out of the 2024 presidential race. Biden has endorsed Harris as the Democratic nominee. Loren Elliott/Getty Images
As of June, Donald Trump and the Republican National Committee (RNC) appear to have gained a solid financial advantage over the Democratic Party, which had been lagging earlier in the year. Donations have been pouring into Trump’s campaign and the RNC following Trump’s felony conviction on May 30 and President Joe Biden’s poor debate performance on June 27.
As of the end of June, Federal Election Commission (FEC) filings reported that the Trump campaign had nearly $45 million more cash on hand than the Biden campaign.
However, the tide turned sharply on Sunday when Biden announced he was dropping out of the race and endorsing Vice President Kamala Harris, a move that triggered a historic fundraising surge for the Democratic Party.
Republican and Democrats Funding for 2024 Presidential Race
The Republican National Committee’s coffers have been boosted as Trump has become the presumptive presidential nominee, nearly doubling its cash reserves to $102 million between May and June.
The July 13 assassination of Trump may have prompted a surge in Republican fundraising, but exact figures for July won’t be released until next month. The Trump campaign announced it raised more than $52 million following his conviction in the hush money case, setting a single-day Republican fundraising record.
By comparison, the Biden campaign has spent 93% of the money it raised in June, while the Trump campaign has spent just 46%. The latest Federal Election Commission filings show the Trump campaign has $128 million in available cash, while Biden has just under $96 million.
Overall, Republicans had $281 million available at the end of June, while Biden and the Democrats had $237 million.
However, as of Monday afternoon, Yahoo Finance reported that Democratic fundraising platform ActBlue reported that it had processed more than $100 million in online donations since Biden announced his candidacy. Harris’ campaign alone raised nearly $50 million in less than 24 hours, making Sunday ActBlue’s largest fundraising day of the 2024 cycle.