The combination of President Joe Biden and Vice President Kamala Harris has taken the cash lead in the 2024 presidential race, according to new federal filings.
On Aug. 20, some committees associated with the major presidential campaigns filed financial disclosures with the Federal Election Commission. The documents highlighted a surge in financial support for the Democrats after Biden withdrew from the race in late July.
According to the incomplete financial snapshot provided by the monthly filings, Harris had access to more than $344 million at the end of July. In contrast, Trump had about $283 million available as he headed into August.
Biden and Harris
On July 21, in response to weeks of public and private pressure, Biden announced he was leaving the presidential race and endorsed Harris as his replacement.On a campaign finance front, the Harris campaign appropriated all of the committees associated with Biden and renamed them to reflect her newly elevated status.
Republicans, including the Trump campaign, are challenging Harris’s takeover of the Biden principal campaign committee and joint fundraising committees. The wealthiest fund, formerly Biden for President and now Harris for President, held about $96 million in cash on hand at the end of June.
It remains unclear if the matter will be resolved by the FEC within the three months before election day on Nov. 5.
Nevertheless, the principal campaign committee, now known as Harris for President, brought in more than $204.4 million in July. According to FEC disclosures, the committee spent $80.7 million and entered August with $219.7 million. The July haul was far greater than any other amount collected by the campaign committee in the preceding six months of 2024.
It remains unknown how much the joint fundraising committees Harris Victory Fund and Harris Action Fund raised in July. The two bodies will issue financial disclosures in mid-October.
Harris’s main ally, the hybrid political action committee Future Forward, raised a smaller amount but continued to hold more than $100 million in cash.
On Tuesday night, Future Forward reported it took in about $29.7 million and used about $27.3 million in July. The PAC disclosed that it entered August with $124.3 million in cash on hand.
According to its filings, most of the money Future Forward raised in July came from a single source, its associated 501(c)(4) nonprofit.
On July 29, Future Forward USA Action sent Future Forward $20 million. As a 501 organization, Future Forward USA Action is not required to disclose its donors. For this reason, 501 groups are often referred to as dark money funds.
Trump Campaign
On July 15, the first business day after the Trump assassination attempt, Timothy Mellon sent a check for $50 million to the super PAC Make America Great Again Inc. It was the second such gift the heir to the Mellon family fortune sent to the account.In May, the day after Trump received multiple felony convictions from a New York jury, Mellon sent $50 million to MAGA Inc.
As of the end of July, Mellon had sent $115 million to the super PAC. According to federal records, he gave $10 million to MAGA Inc. in 2023, too.
The donations make Mellon Trump’s biggest individual supporter by far. He is also the largest single political donor of the 2024 election cycle, according to figures tabulated by watchdog group OpenSecrets. Despite this, Mellon is a reclusive figure who doesn’t seek attention from the press or his political beneficiaries.
On Aug. 20, three accounts associated with Trump issued disclosures: the principal campaign committee Donald Trump for President 2024 Inc., the super PAC MAGA Inc., and the qualified leadership PAC Save America.
Cumulatively these accounts raised about $108.2 million and spent about $70.2 million in 2024. At the end of August, the three committees collectively held about $283 million.
Robert F. Kennedy Jr.
Financial filings show independent candidate Robert F. Kennedy Jr. is lagging far behind the major party candidates in terms of fundraising and cash on hand.On Aug. 20, the principal campaign committee Team Kennedy told the FEC it ended July with about $3.9 million in cash on hand and about $3.5 million in debts and obligations. In the same month, the campaign spent more than it raised. It reported taking in about $5.6 million and using about $7.3 million during the month.
Meanwhile, the Kennedy-allied hybrid PAC American Values 2024 told the regulator it ended July with about $14.4 million in cash on hand. It raised only about $89,000 in July while spending $1.7 million. American Values’s disclosure statement said it entered August with about $196,000 in debts and obligations.
Kennedy’s running mate, Nicole Shanahan, told the Impact Theory podcast in an episode published on Aug. 20 that the campaign is weighing its options heading into the final three months of the election season.
