- The first set of federal financial disclosures have revealed the state of the 2024 Presidential candidates' campaign cash.
- Donald Trump leads the race with a campaign cash of $22.5 million, followed closely by Tim Scott and President Biden
- Noteworthy fundraising strategies are being employed to reach the threshold for next month's G.O.P. debate.
The Financial State of Play
Saturday's federal disclosures have laid bare the state of the 2024 Presidential race's campaign finances. Leading the pack is former President Donald Trump, who has a substantial $22.5 million in campaign funds as of June 30. This figure, however, may only be the tip of the iceberg as Trump also has the backing of a super PAC and several fundraising committees which have yet to reveal their financial standings.
Following closely behind in the funding race is Senator Tim Scott with $21.1 million, boosted by funds transferred from his Senate campaign. Incumbent President Biden is hot on Scott's heels with $20.1 million, but he has an additional advantage - his position allows him to tap into funds raised by his party.
Diving Into the Numbers
Breaking down the numbers further, we see that Florida Governor Ron DeSantis raked in a substantial $20 million this quarter, with the majority being large contributions. However, his spending also stood out, using nearly 40% of his cash. This so-called "burn rate" is a bit on the higher side when compared to other Republican contenders.
Surprisingly, former Vice President Mike Pence, a late entrant into the race, managed to raise only a modest $1.2 million. Entrepreneur Vivek Ramaswamy also brought in a significant amount of cash at $7.7 million, primarily from personal funds.
In a unique fundraising strategy, Republican Governor Doug Burgum of North Dakota lent his campaign a staggering $10 million out of the $11.8 million he raised in Q2.
Fundraising Mechanisms and Requirements
Candidates aren't just relying on their campaign committees for fundraising. In a trend that is gaining traction, more and more candidates are establishing additional fundraising vehicles.
This strategy could prove crucial for the Republican candidates, who need to demonstrate they have at least 40,000 unique donors to qualify for the upcoming G.O.P. debate.
Some are using novel strategies to reach this threshold. Bergum is offering gift cards to early donors and Ramaswamy is promising to award back to the individual 10% of any money they help raise for his campaign.
The Bigger Picture
While these initial numbers provide an interesting snapshot of the campaign's financial state, the full picture is still developing. More details are expected to emerge as the additional committees associated with the candidates submit their filings.
Regardless of the current standings, the race is far from over. As the campaign progresses, strategies will evolve, and the financial landscape will likely shift.