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President Joe Biden and former President Donald Trump each have hundreds of millions of dollars for their 2024 campaigns. However, Biden’s recent debate performance and growing calls for him to step aside may significantly impact his fundraising landscape.
Biden’s Recent Fundraising Success
During the debate and the following morning, Biden’s campaign raised $14 million. This number surged to $33 million in subsequent days. Yet, this success might wane if the calls for him to step down grow louder. According to The New York Times, some donors to Future Forward, a significant pro-Biden super PAC, are considering freezing their contributions, worth around $90 million, if Biden remains in the race.
Impact on Campaign Funds if Biden Withdraws
What happens to Biden’s campaign money if he drops out? According to Saurav Ghosh, director of federal campaign finance reform at the Campaign Legal Center, it depends on the new Democratic nominee. The simplest option is to nominate Vice President Kamala Harris, who shares a campaign committee with Biden. This arrangement would allow the new ticket to maintain access to all funds in the committee.
However, if neither Biden nor Harris is on the new Democratic ticket, complications arise. The Biden campaign cannot legally transfer all its funds to a new candidate due to a $2,000 transfer limit between federal campaign committees per election cycle. Instead, Biden’s campaign would need to offer refunds to donors, who could then contribute to the new candidate. Alternatively, they could transfer an unlimited amount to the Democratic National Committee (DNC), which could spend the money supporting the new nominee, with up to $32.3 million of that spending coordinated with the new nominee.
Biden’s Fundraising Totals
As of July 2, 2024, Biden’s campaign reported $240 million in cash on hand. Prominent PACs supporting Biden have also raised significant funds. Future Forward had $92.3 million as of May 31, 2024, while American Bridge 21st Century raised over $33 million.
Kamala Harris’s Campaign Funds
Vice President Harris currently shares the Democratic ticket with Biden, so she does not have separate campaign funds for the 2024 general election. If Biden exits, Harris would take over the $91.5 million Biden has on hand. She does not have leftover funds from her 2020 presidential campaign or her 2016 Senate campaign.
Other Potential Democratic Candidates
Other potential Democratic candidates include California Gov. Gavin Newsom, Michigan Gov. Gretchen Whitmer, and Illinois Gov. J.B. Pritzker. Newsom raised over $50.2 million in his 2018 gubernatorial campaign and $25.1 million in his 2022 reelection bid. Whitmer’s 2022 reelection campaign raised $37.5 million, while Pritzker, a billionaire, heavily self-financed his campaigns, contributing $323.5 million of his own money across his 2018 and 2022 gubernatorial campaigns.
Trump’s Fundraising Status
Trump’s principal campaign committee, Donald J. Trump For President 2024, Inc., had $116.5 million in cash as of May 2024. Comparatively, Biden’s principal campaign committee had $91.5 million. The Democratic National Committee had $65.1 million, and the Republican National Committee had $54.1 million as of May 31, 2024.
When including super PACs, Trump’s total war chest reached $261 million by June 21, while Biden’s stood at $191 million. This does not account for high-profile donations, like Elon Musk’s reported plan to donate $45 million monthly to a super PAC supporting Trump.
Conclusion
In the ever-evolving political landscape, the financial dynamics of the Biden and Trump campaigns will play a crucial role. Biden’s potential exit from the race could drastically reshape the fundraising efforts and financial strategies of the Democratic Party. The outcome of these developments will be pivotal as the 2024 election approaches.