The deadline for campaigns to file their latest reports to the Federal Election Commission is approaching, providing a clearer view of the financial aspects of the 2024 presidential race. These filings will reveal which campaigns have raised the most hard dollars, as well as small-dollar support and donor trends. It will also shed light on how campaigns are spending their money and which ones are financially vulnerable.
Although these filings are important, they are not the complete picture. Super PACs, which play a significant role in supporting presidential candidates, do not have to file their reports until the end of the month. Additionally, the total number of donors to each campaign will not be provided in the filings. This figure is crucial for Republicans, as the party requires presidential candidates to have at least 40,000 unique donors to participate in the first primary debate.
Saturday’s filings will also mark the first detailed look at President Biden’s fundraising efforts for his re-election campaign. His campaign, along with the Democratic National Committee and a joint fundraising committee, has raised over $72 million for the second quarter.
Previous fundraising figures from past elections provide context for comparison. In the second quarter of 2019, former President Donald J. Trump and his allies raised a total of $105 million, while in 2011, former President Barack Obama raised $47 million.
The filings will not only focus on presidential candidates but also candidates in competitive Senate races in various states. Competitors scrutinize these reports to gain insights into their opponents’ strategies and resource allocation.
Several Republican presidential campaigns have already provided previews of their fundraising numbers. Gov. Ron DeSantis of Florida raised $20 million in the second quarter, while Mr. Trump raised over $35 million. However, it’s important to note that Mr. Trump’s figures include contributions from a joint fundraising committee, allowing him to solicit donations beyond individual limits.
The filing will also provide insights into the campaign of former South Carolina governor and United Nations ambassador Nikki Haley, as well as other candidates who have met the Republican National Committee’s donor threshold. Additionally, details about the funding of Democratic nomination challenger Robert F. Kennedy Jr. will also be revealed.
Republican strategist Terry Sullivan highlights the importance of campaigns’ burn rates and financial stability. Candidates rely on their campaign accounts, as they have control over the funds and benefit from lower advertising rates. While TV advertising is no longer as crucial as before, campaigns still require financial resources for events and other forms of media exposure.
Ultimately, a candidate’s financial standing can determine the course and sustainability of their campaign. With key candidates like DeSantis, Trump, Scott, and Haley leading in available funds, it remains to be seen who will establish a viable middle-ground fundraising position.
The filing by former Vice President Mike Pence is eagerly anticipated, as it will offer insights into the financial strength of his campaign. Pence, despite lower popularity and trailing behind Trump and DeSantis, consistently ranks third in national polls and aims to appeal to religious conservatives.
As the deadline approaches, more details will emerge regarding the financial landscape of the 2024 presidential race, informing the strategies and prospects of candidates on both sides.
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