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Over the weekend, presidential candidates filed campaign finance reports that offered a first look at the financial landscape of the 2024 race. The reports revealed potential challenges for Florida Governor Ron DeSantis, minimal campaign operations for the current White House occupant, and a significant gap between the top fundraisers in the Republican primary and the rest of the field. Additionally, the filings showcased vulnerable Senate Democrats amassing large sums of money as they scramble to protect their party’s narrow majority next year. Republican freshmen in competitive House seats demonstrated a strong start as well. Some key takeaways from the second-quarter fundraising reports, covering the months of April to June, are as follows:
1. Ron DeSantis raised $20 million but is spending cash rapidly, with over $8 million spent since entering the race in late May. The campaign spent heavily on travel, payroll, and digital fundraising consulting. DeSantis employed 90 staff members compared to the 40 employed by former President Donald Trump’s campaign, who is the current frontrunner in the GOP primary.
2. DeSantis received a small share, less than 15%, of his contributions from individuals in amounts of $200 or less. Robust small-dollar donations can indicate grassroots momentum for a campaign.
3. DeSantis has $12.2 million remaining in the bank, but only about $9 million is available for spending in the GOP primary.
4. Mike Pence raised less than $1.2 million during the quarter, lagging behind other candidates like Chris Christie and Doug Burgum. Pence’s numbers raise questions about his ability to gain support within the party.
5. Donald Trump, the GOP frontrunner, raised $17.7 million during the quarter.
6. South Carolina Senator Tim Scott has $21.1 million in cash on hand, while former South Carolina Governor Nikki Haley has over $6.8 million.
7. Biotech entrepreneur Vivek Ramaswamy loaned his campaign another $5 million in the second quarter and has over $9 million in cash reserves.
8. Joe Biden raised $72 million with the Democratic National Committee, which is nearly as much as all major GOP contenders combined during the second quarter.
9. Biden’s campaign spent just $1.1 million in the second quarter and had only four staffers as of the end of June.
10. Vulnerable Democratic incumbents, such as Jon Tester in Montana and Joe Manchin in West Virginia, continued to raise large sums of money to defend their narrow majority in the Senate.
11. Tester raised over $5 million during the quarter, while Manchin raised nearly $1.3 million.
These fundraising reports provide valuable insights into the financial landscape of the 2024 presidential race, highlighting potential challenges, frontrunners, and notable fundraising achievements.
