Trump's financial advantage over Harris diminishes, while RFK Jr.'s funds noticeably decrease, as per fresh financial disclosures.
The recent filings reveal that independent presidential candidate Robert F. Kennedy Jr. is grappling with diminishing campaign funds and has returned contributions from his running mate. In a podcast broadcast on Tuesday, the running mate hinted at the possibility of withdrawing from the race and backing Trump.
Underscoring this transformation in the presidential race, powerful external organizations supported by major donors amassed millions and amplified their promotional campaigns.
Here are key insights from the most recent round of monthly filings submitted to the Federal Election Commission, detailing fundraising and spending activities for July, including the three weeks following Biden's departure from the presidential race and his endorsement of Harris.
Harris seizes a substantial financial lead over Trump
At the end of July, Harris' primary campaign committee reported a substantial cash reserve of approximately $220 million, a significant increase from the $96 million the committee reported at the beginning of the month when it was still under President Joe Biden's control.
Harris' financial stability overshadowed the $151 million the Trump campaign reported in its primary account at the end of July. This marks a substantial shift from the end of June, when Trump led Biden in cash reserves by over $30 million ($128 million to $96 million).
Both Harris and Trump primarily fund their campaigns through joint fundraising committees, which share proceeds among various presidential campaigns, national party committees, and numerous allies.
Having announced earlier this month that she had raised an unprecedented $310 million in July, including $200 million in her first week following Biden's withdrawal, Harris's campaign team anticipates surpassing the $500 million mark in fundraising in the near future. By contrast, Trump had previously announced that his entire political organization had raised a total of $139 million in July.
The principal campaign committees' latest filings reflect this broader advantage. Harris reported directing $204.5 million to her campaign account in July, including funds raised during the weeks when Biden was still in the race.
In contrast, Trump's campaign reported raising $47.5 million directly to his account during the same period. Moreover, Harris's campaign outspent Trump's throughout July, investing $81 million to his $24 million.
As the intense financial competition unfolds, both national party committees also reported significant gains in July, albeit with the Republican National Committee maintaining its financial edge over the Democratic National Committee, which spent heavily in July.
The RNC raised nearly $31 million, spent $33.5 million, and entered August with around $99 million in reserves. Meanwhile, the DNC also raised nearly $31 million but spent $43 million and closed the month with barely $66 million in cash.
Megadonors fuel outside organizations
July saw megadonors from both parties pour millions into prominent external groups, which then amplified their campaign efforts in response to the evolving presidential landscape.
FF PAC, the primary super PAC backing Harris, raised nearly $30 million, including a $5 million contribution from investment executive Marc Stad on July 25, just four days after Biden exited the race. The super PAC spent over $27 million in July, with over $20 million going toward independent expenditures, primarily on media advertising to support Harris's campaign.
MAGA Inc., a leading pro-Trump super PAC, had an even more successful month, raising nearly $55 million in July and spending over $43 million on independent expenditures intent on boosting Trump's campaign.
Nearly all of MAGA Inc.'s earnings last month stemmed from a single $50 million contribution on July 15 – well before Biden's departure – from secretive billionaire Tim Mellon, an heir to a storied banking fortune who has thus far donated $115 million to the super PAC in this election cycle.
This marked Mellon's second $50 million contribution to MAGA Inc. after his initial contribution in May of this year. These two contributions represent the largest individual contributions reported to the FEC so far this year.
Ad tracking firm AdImpact data reveals how impactful outside groups have been in the early stages of the altered race. In the four weeks following Biden's departure, these groups – led by FF PAC, MAGA Inc., and the pro-Trump Preserve America – spent over $180 million collectively on advertising amid a bustling effort to shape the new general election landscape.
Over this period, FF PAC has spent a total of nearly $70 million on advertising, including over $20 million on a spot showcasing clips of Harris making her campaign pitch at a rally. "I'm running to fight for an America where the economy works for working people, where you only have to work one job to pay the bills, and where hard work is rewarded," Harris says in the ad. "Where reproductive rights are not just protected by the Constitution of the United States, but guaranteed in every state."
Countering these efforts, MAGA Inc. spent over $50 million on advertising during the same period, dedicating nearly $15 million to an ad labeling Harris "a dangerous San Francisco liberal" and assailing her record as a former district attorney and California attorney general.
Outside groups are poised to assume a critical role in the final stages of the 2024 campaign. AdImpact data shows that Democratic groups, led by FF PAC, have booked over $278 million in future ad contracts for the presidential race through Election Day, while Republicans have nearly $140 million reserved. These totals are likely to continue growing as the election draws near, with spending in the 2024 race projected to shatter records.
A precarious financial situation for RFK Jr.
The recent filings have sparked doubts about Kennedy's prospective White House venture, a long-shot bid. As an autonomous candidate, Kennedy is said to have requested discussions with both Harris and Trump concerning probable positions in upcoming administrations. Additionally, Kennedy's partner, Nicole Shanahan, disclosed during a podcast uploaded on Tuesday, that the campaign is pondering withdrawing from the race and backing Trump.
Kennedy's campaign closed July with a mere $3.9 million in reserves and reported a substantial debt of around $3.5 million to private security mogul Gavin de Becker, attributed to various security expenses.
The filing indicated that Kennedy refunded almost $1 million to Shanahan in July, a lawyer and tech executive whose personal wealth was speculated to offer substantial backing. Prior to the refund, Shanahan had contributed more than $13 million.
The campaign's meager resources will intensify the struggles it's already facing, including securing ballot access in numerous states, such as New York, where a judge dismissed Kennedy's application earlier this month. Moreover, the campaign is required to negotiate an election landscape significantly altered by Harris' ascension to the Democratic nominee.
CNN's Betsy Klein was instrumental in compiling this report.
Despite the financial challenges facing independent presidential candidate Robert F. Kennedy Jr., with diminishing campaign funds and returns of contributions from his running mate, external organizations have entered the fray, amassing millions and amplifying their promotional campaigns in the political landscape.
In stark contrast, the recent filings show Harris seizing a substantial financial lead over Trump, with her primary campaign committee reporting a cash reserve of approximately $220 million at the end of July, a significant increase from the beginning of the month.
