The race for campaign finances for the 2024 presidential elections is heating up, according to financial documents disclosed last Saturday. The reports depict President Joe Biden wrapping up his re-election fundraising last month with a sum close to $20 million, slightly behind the $22 million disclosed by his major Republican contender, Donald Trump.
These filings, submitted to the Federal Election Commission, indicate an intense contest for campaign funds in anticipation of the 2024 presidential elections in November. President Biden, a Democrat, has garnered less in his coffers compared to what previous presidents had accumulated at similar stages during their re-election races. To put it in context, Barack Obama had $37 million in 2011, and Donald Trump accumulated more than $56 million by June 2019. The numbers reported represent substantial campaign finance but don’t include the substantial contributions often gathered by super PACs allied to the campaigns. These bodies are expected to disclose their financial standings later in July.
As per the campaign’s announcement last Friday, when factoring in the Democratic Party’s financial resources, Biden’s re-election endeavor stands at a total of $77 million. Biden is presumed not to face any significant opposition in the Democrat nomination contest. Among the challengers, Robert F. Kennedy Jr., known for his anti-vaccine stance, reported a fundraising total of $6 million until June, while Marianne Williamson, a self-help authority, reported a total less than $1 million.
Meanwhile, Trump’s campaign, which kicked off last November, reported expenses amounting to about $9 million for the quarter ending in June, the highest among all campaigns. This expenditure included a payment of over $2 million to Campaign Inbox LLC, a digital fundraising enterprise.
In the Republican field, Florida’s Governor Ron DeSantis, who is second to Trump in most opinion polls, reported approximately $12 million in campaign funds, considerably lesser than the $21 million reported by Senator Tim Scott, R-S.C. Both launched their campaigns in May.
Additionally, Doug Burgum and Vivek Ramaswamy, considered dark horses in the Republican race, have put considerable personal wealth into their campaigns. Burgum, the governor of North Dakota, contributed about $10 million to his campaign, while Ramaswamy, a former executive in the biotech industry, put in about $15 million into his own campaign.
