In the realm of Republican fundraising for the 2024 presidential race, former President Donald Trump and Florida Governor Ron DeSantis have emerged as frontrunners, both reflecting their strong positions in recent polling. Senator Tim Scott of South Carolina has also garnered attention, raising over $5 million in individual contributions. Meanwhile, other candidates in the Republican field who are lower in the polls are working hard to ramp up their small-dollar donor operations, aiming to meet the fundraising threshold set by the Republican National Committee in order to qualify for the first debate in late August. To be eligible for the debate, candidates must have at least 40,000 unique campaign donors, with a minimum of 200 donors per state in at least 20 states or territories.
On the Democratic side, President Joe Biden’s campaign has announced impressive fundraising numbers, raising $72 million in conjunction with his joint fundraising committee and the Democratic National Committee. This brings his cash on hand to a significant amount of $77 million as of July. It is important to note that President Biden has only been a candidate since April 25, when he announced his reelection bid, so these fundraising figures represent just over two months of the second quarter.
Let’s now delve into the fundraising specifics of the Republican candidates. Donald Trump’s joint fundraising committee, which divides funds between his official campaign and his political action committee “Save America,” raised over $35 million from April through June. Of this amount, $15.1 million went to the official campaign. The PAC is expected to report its fundraising figures at the end of July. It is worth mentioning that the super PAC has previously covered Trump’s legal expenses, with approximately $16.5 million in “legal expenses” being paid in 2022 according to federal campaign records.
Ron DeSantis’ campaign raised the second highest amount in the GOP field, securing $20.1 million in the first six weeks since launching his campaign in late May. This includes a noteworthy $8.2 million raised on the first day of his campaign and a $351,933 transfer from a “Draft DeSantis 2024 Fund.” However, the campaign also reported expenditures of $7.8 million. DeSantis entered July with $12.2 million cash on hand, although $3 million of that amount can only be spent in a general election. His campaign conducted at least 25 small-dollar fundraisers across the country, allowing donors to contribute the maximum amount of $3,300 for both the primary and general election.
“Never Back Down,” the super PAC supporting DeSantis, announced that it has raised an impressive $130 million since its launch in early March. This includes an $82.5 million transfer from DeSantis’s state political committee account, “Friends of Ron DeSantis.” Prior to DeSantis officially entering the race, the PAC raised funds in a separate “draft” committee with the intent of transferring them to his official campaign. These donations complied with federal donation limits, and on June 1, the “Draft DeSantis 2024 Fund” transferred $351,993.43 worth of donations to the DeSantis campaign.
Former Vice President Mike Pence’s presidential campaign raised $1,168,732 in the first three weeks. The pro-Pence super PAC “Committed to America” reported raising $2,682,717 since its launch in early May. Pence’s fundraising figures are comparable to candidates with a smaller national profile, as his entry into the race was relatively late in June. His campaign reported spending $74,343 according to the filing. A Pence adviser noted that while donors have shown interest in supporting him, they still have questions about his path to victory. It is also important to consider that direct mail fundraising has traditionally been Pence’s strong suit, and the return on investment in this area will likely take time.
Former U.S. Ambassador to the U.N. Nikki Haley raised $7.9 million from April through June, with her campaign bringing in a total of $5.3 million during this second quarter. The support from her affiliate committees accounted for an additional $2.6 million. Haley’s fundraising efforts involve three committees, including her campaign, a joint-fundraising committee called Team Stand For America, and a super PAC called Stand for America Inc. The report filed by Haley’s presidential campaign revealed that she had approximately $6.8 million cash on hand by the end of June. Stand For America Inc. announced that it raised around $18.7 million this quarter and has $17 million cash on hand.
Tim Scott reported raising $5.8 million between April 1 and June 30. He officially launched his campaign on May 19 but had announced an exploratory committee in mid-April. The majority of the reported funds came after he entered the race, with his campaign stating that he raised $2 million on the very first day. Scott’s campaign also reported spending $6.7 million and entering July with $21 million cash on hand, a significant portion of which came from funds remaining from his 2022 re-election campaign. Notably, Scott’s campaign has spent the most, compared to other campaigns (excluding PACs), on advertisements so far, with $5.8 million spent according to AdImpact data.
Moving on to Vivek Ramaswamy, the biotech entrepreneur raised $2.7 million from April through June, with over $440,000 of that amount coming from his own in-kind contributions. His campaign finance report also indicates a personal loan of $5 million made by Ramaswamy on June 28. Notably, his campaign has been spending at a high rate, with $8.08 million spent during this period. Ramaswamy reported $9 million cash on hand.
Chris Christie, the former Governor of New Jersey, raised $1.65 million since the launch of his campaign in early June. By the end of the second quarter, his campaign had approximately $1.59 million cash on hand and no debt, as reported in FEC documents. While he may have trailed other GOP candidates in fundraising, he outpaced former Vice President Mike Pence this quarter. The super PAC supporting Christie, Tell It Like It Is PAC, announced that it raised nearly $5.9 million between June 6 and June 30, with a combined total of $7.5 million raised by the campaign and the PAC in just 25 days. Christie has exceeded the threshold of 40,000 unique donors and met the polling requirements to qualify for the first GOP primary debate on August 23. He expressed confidence during a recent interview, highlighting the significant increase in unique donors compared to his previous campaign.
Doug Burgum, the Governor of North Dakota, raised nearly $11.8 million in the last quarter. Notably, he lent his campaign $10 million, while also receiving $1.5 million in contributions since the launch of his presidential bid on June 7. His campaign reported that it is rapidly approaching the 40,000 individual small donors required to qualify for the Republican primary debate. In an unconventional strategy to reach this goal, Burgum’s team offered $20 gift cards to the first 50,000 people who donated at least $1 to his campaign. As of the end of June, his campaign had $3.6 million cash on hand, providing sufficient funds to support this approach.
Former Arkansas Governor Asa Hutchinson has raised $743,000 with the support of his joint fundraising committee since his campaign kicked off in April. After accounting for spending, the campaign has about $503,000 cash on hand. The press release states that 6,444 people donated to his campaign from April through mid-July. Hutchinson needs more than 30,000 additional unique donors by August 23 in order to secure a spot on the primary debate stage. While he has expressed dissatisfaction with the donor threshold, portraying it as artificially restrictive, Hutchinson remains confident that he will meet the requirements.
Overall, the fundraising landscape for the Republican candidates for the 2024 presidential race is dynamic and competitive. Each candidate is vying for financial support while strategizing to meet the fundraising thresholds set by their respective parties. With unique tactics, experienced campaigners, and various fundraising committees at play, the race is poised to evolve as candidates strive to secure their positions in the GOP field.
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