Campaigns for U.S. President are incredibly expensive, and the 2024 race is no exception. The latest data from the Federal Election Commission (FEC) shows that President Joe Biden, potential Democratic nominee Kamala Harris, and former President Donald Trump have already raised around $781 million in campaign funds by the end of June 2024. This amount doesn’t even include the massive $100 million Harris raised in just one day after Biden dropped out of the race.
Money Power: Trump’s Super PACs and Harris’s Carey Committees
Let’s break down where this enormous money comes from:
Trump’s Super PACs:
Trump’s campaign relies heavily on super PACs (Political Action Committees) that can raise and spend unlimited amounts of money. These super PACs are supposed to work independently, but in reality, they often support the candidate in a big way. For example, Make America Great Again Inc., a major super PAC supporting Trump, has spent nearly $100 million out of its $200 million fund to back Trump and attack his opponents. The largest donor to Trump’s super PAC is Thomas Mellon, an heir to a wealthy family.
Harris’s Carey Committees:
On the other side, Kamala Harris’s campaign benefits from “carey committees,” which are a mix of super PACs and regular PACs. These committees can collect unlimited donations in one account and adhere to stricter limits in another. Harris’s campaign has seen a huge boost from Future Forward USA and The Lincoln Project. Future Forward USA, backed by unions and Silicon Valley firms like Greylock Partners, and The Lincoln Project, which has support from big names like the University of California and Google’s parent company Alphabet, together raised around $148 million.
The Big Question: Can Harris Use Biden’s Campaign Funds?
Since President Biden stepped aside and endorsed Kamala Harris as the Democratic candidate, there’s been debate about whether Harris can use the funds from Biden’s campaign. Experts say she can, because she was on the ticket with Biden. However, this situation is unprecedented in U.S. history, so it’s more about practice than clear rules. The FEC is still dealing with complaints from past elections, so don’t expect a decision on this before the November election.
In short, the 2024 presidential campaign is being fueled by massive amounts of money, with complex rules and big questions about how funds are used. The race to the White House is as much about fundraising as it is about politics.
