U.S. Vice President Kamala Harris’ 2024 election campaign has garnered significant financial support, amassing an unprecedented $500 million since she officially became the Democratic presidential candidate, according to sources familiar with the matter. This substantial fundraising achievement reflects the strong enthusiasm among donors as the November 5 election approaches.
Four individuals closely involved with the fundraising efforts disclosed to Reuters that Harris’s campaign had successfully accumulated this considerable sum in the four weeks following her entry into the race on July 21. The rapid inflow of campaign funds highlights the critical role that financial resources play in modern elections, particularly in financing advertising and voter mobilization initiatives aimed at swaying undecided voters.
Harris’s decision to enter the presidential race came after President Joe Biden stepped down from the top of the Democratic ticket, a move that reignited a wave of funding that had largely dried up following Biden’s challenging debate performance against Republican contender Donald Trump. In the initial week of her campaign, Harris raised an impressive $200 million, quickly securing the support needed to become the party’s nominee.
In total, Harris’s team raised $310 million in July alone, bringing the combined fundraising total for her and Biden, before he exited the race, to over $1 billion. This rapid accumulation of funds marks the quickest achievement of such a significant fundraising milestone in U.S. political history, according to the Harris campaign.
On the Republican side, Donald Trump’s campaign reported raising $138.7 million in July, with cash reserves amounting to $327 million. Trump’s campaign had previously outpaced Biden’s in fundraising during the second quarter of the year.
Despite the competition, enthusiasm for Harris has remained strong. Her campaign reported having $377 million in cash on hand as of July, with the momentum continuing into August. This ongoing support is evident not only from large donors but also from small-dollar contributors, as thousands of people have been attending her rallies in key swing states across the nation.
To put this fundraising success in perspective, Biden’s campaign committee raised a total of $1.04 billion during the 2020 election cycle, a figure that swelled to $1.62 billion when combined with contributions from outside groups, as reported by OpenSecrets, a watchdog organization that tracks money in politics.
At the Democratic National Convention in Chicago, Harris expressed her appreciation for Biden’s leadership, while the president himself took the opportunity to highlight his record and urge voters to support Harris and her running mate, Minnesota Governor Tim Walz, in the upcoming election.
Former President Barack Obama, a significant figure in Democratic fundraising, also played a role in bolstering Harris’s campaign. Obama delivered a speech at the convention on August 20, while Harris continued her efforts to energize voters in nearby Wisconsin. Obama has already participated in two major fundraisers with Biden and has offered his assistance to Harris in organizing additional fundraising events.
Throughout her campaign, Harris has consistently referred to herself as the underdog in the race against Trump, a tactic intended to prevent complacency among her supporters and maintain a high level of engagement from both her voter base and her donors.
With less than three months remaining until Election Day, Harris’s fundraising prowess and strong donor enthusiasm place her campaign in a formidable position as she continues to rally support across the country in her bid to become the next President of the United States.
