Washington, D.C. – As the 2024 presidential election draws nearer, candidates are gearing up their campaign operations and fundraising efforts. Both President Biden and former President Trump have demonstrated their financial prowess, but the latest filings reveal interesting insights into their spending and fundraising strategies.
President Biden has been steadily building his campaign operation, accumulating over $117 million in cash across his various committees and fundraising vehicles. However, despite ramping up his spending significantly at the end of 2023, the impact of his expenditures has not reflected a substantial shift in the polls, especially in battleground states.
On the other hand, former President Trump has proven his ability to raise substantial funds, with his joint fundraising committee bringing in a remarkable $75 million in the second half of the year. However, his campaign and affiliated groups have been outpacing their fundraising with excessive spending, particularly on legal expenses, highlighting the financial strain that his legal challenges pose to his campaign.
The filings also shed light on former South Carolina Governor Nikki Haley’s campaign as she emerges as the GOP’s final Trump alternative. Despite conservative spending and significant support from Republican big donors, it remains to be seen whether she can sustain her candidacy beyond the upcoming South Carolina primary.
In the realm of Senate races, both parties are actively engaging in primaries, with the filings providing clarity on the interventionist stance adopted by the respective establishments in key races from Ohio to California.
The latest reports also offer new insights into the fundraising strategies and small-donor enthusiasm of various candidates, demonstrating the financial dynamics at play in the election landscape. As the election year progresses, the financial positions and spending patterns of the candidates will continue to shape the trajectory of the 2024 election.