The Republican presidential nominee, former U.S. President Donald Trump, and the Democratic presidential nominee, U.S. Vice President Kamala Harris take part in a presidential debate hosted by ABC in Philadelphia, Pennsylvania, U.S., September 10, 2024 in a combination of file photographs. REUTERS/Brian Snyder/File Photo / Reuters

The US presidential election 2024 may have the highest stakes in history. Several reputed media houses have reported that both Vice President Kamala Harris and former President Donald Trump raised unprecedented funds for their campaigns. With totals surpassing previous election cycles, the money reflects the polarizing nature of this race. Between individual donations and large Super PAC contributions, both campaigns are well-prepared to reach voters nationwide. Federal Election Commission (FEC) guidelines allow Super PACs to raise unlimited funds, and this election cycle has seen astronomical contributions from various sources.

Harris Leads in Campaign and Outside Funding

Vice President Kamala Harris’s campaign has amassed historic amounts, securing a strong financial advantage. According to Open Secrets, Harris’s campaign committee has raised US$1.003 billion, with an additional US$585.7 million from outside sources. This support comes largely from small donors and major Democratic-aligned PACs such as ActBlue and the Democratic National Committee (DNC). ActBlue, known for its extensive reach among grassroots Democratic supporters, has significantly boosted Harris’s campaign, helping her dominate advertising slots in key battleground states.

Harris’s campaign was further buoyed by US$1.1 billion spent on advertisements, which dwarfs Republican ad expenditures by US$400 million, reports The Guardian. As a candidate with strong ties to community issues, Harris has positioned herself as a champion for economic growth from the middle out, making small business support and affordable housing central to her campaign narrative. With a focus on community engagement and economic development, she has built a broad base of financial support that spans donors of all sizes.

Trump’s Fundraising Tactics Tap Into Loyal Base

Despite trailing Harris in overall campaign funds, Donald Trump has used his reputation and media presence to raise substantial amounts. Trump’s campaign committee raised US$381.5 million in direct funds, while outside sources contributed an additional US$694.2 million. Trump’s support base remains steadfast, with many loyal donors consistently backing his campaign. Major events have also contributed significantly to his funds; at a single fundraiser in June, Trump raised US$50 million after speaking for 45 minutes, underscoring his ability to quickly mobilize large sums.

Super PACs aligned with Trump, such as WinRed, have also played a crucial role. WinRed raised US$1.4 billion in total support for Republican candidates and causes this election cycle, providing a considerable financial boost. Additionally, Elon Musk’s America PAC contributed US$130 million to Trump’s campaign, highlighting the influence of wealthy donors who align with his policies. Musk, ranked third among individual donors according to Americans for Tax Fairness, joins other billionaire contributors, demonstrating how high-profile individuals shape funding for this election.

The Role of Super PACs and FEC Guidelines in Funding Trends

The record-setting totals in this election are bolstered by Super PACs, which operate with virtually no restrictions on the size of donations due to the 2010 Citizens United v. FEC ruling. These committees, independent from candidates, allow corporations, special interest groups, and individuals to contribute vast sums, amplifying their influence on campaigns. According to the latest FEC data, Super PACs raised an estimated US$13.5 billion in the 2024 cycle, supporting not only presidential campaigns but also Senate and House races.

While individuals are capped at US$3,300 for direct contributions to candidates, Super PACs can raise unlimited amounts. Harris’s allies, including ActBlue and the DNC, collectively reported US$5 billion in receipts, making them major financial engines for the Democratic campaign. In contrast, Republican Super PACs, although smaller, remain significant players, with figures like Musk and other billionaires contributing heavily. A report from Americans for Tax Fairness reveals that 150 billionaire families have collectively contributed US$1.9 billion to PACs in 2024, marking a substantial rise in billionaires’ election spending.

As voters prepare to head to the polls, the massive fundraising totals reflect the stakes of the 2024 election and the intense financial mobilization on both sides. These contributions, which enable expansive advertising campaigns and outreach efforts, underscore how central funding has become to modern elections. With billions invested, Harris and Trump’s campaigns are set to reach Americans across the country, making this one of the most financially significant elections in history.