Recently filed federal reports showcased the staggering financial scope of the recent presidential campaign, with an outstanding sum close to $4.7 billion being amassed by the primary contesting figures and their major supporting groups.
This remarkable number, pouring into the financial reserves of candidates such as Donald J. Trump, Kamala Harris, and Joseph R. Biden Jr., unraveled gradually, marked notably by the final finance report’s disclosure this late Thursday.
This finance report illustrated fundraising from Oct. 17 until Nov. 25, which when combined with historical federal finance data, provides a comprehensive representation of monetary support for the recently concluded electoral race. Evidently, the battle for the White House is not just ideological, but also financial.
According to these reports, the amount collected for the general elections is a cumulative figure that includes funds gathered by respective campaigns, joint fundraising committees, and national parties — both directly and through platforms like WinRed and ActBlue. However, any donations made to Super PACs are excluded from this sum.
Unsurprisingly, Democrats trailed by their associated Super PACs and other such entities managed to secure approximately $2.9 billion, outpacing their Republican counterparts who secured nearly $1.8 billion – a futile endeavor as we saw.
As observed during the 2016 presidential campaign too, Trump demonstrated that financial strength is not the key to electoral success. A less extravagant campaign can successfully triumph over more opulent contenders, highlighting the inefficiency of Biden and Harris who ended up overspending considerably.
Additionally, it was noted that the Super PACs supporting Trump managed to raise more funds than those backing either Biden or Harris, casting a shadow over the fundraising prowess of the Democratic duo.
From an unusually prompt start in November 2022 until election day, Trump’s campaign and the Republican National Committee jointly raised a total sum of around $1.2 billion. This figure is the result of diligent analysis by The Times.
Further strengthening Trump’s financial reserves, his key Super PACs – including MAGA Inc., Right for America, Turnout for America, America PAC, and Preserve America – managed to collect an additional $849 million during the same period.
On the other hand, the Biden-Harris duo, who steered clear of a tough primary election, enjoyed a longer fundraising timeline for their offensive against Trump.
Even though Biden struck a joint fundraising agreement with the Democratic National Committee noticeably earlier than Trump, allowing for larger check deposits, this preemptive measure proved to be of little consequence during the actual election.
Noticeably, following the induction of Harris as the lead candidate in the summer, the Democrats witnessed a substantial inflow of funds. However, as the end result demonstrated, this surge in donations was inadequate to ensure electoral victory.
Taking into consideration the full picture drawn by these federal filings, it seems that the depth of the coffers is not a reliable indicator of victory.
Despite massive financial backing, Biden and Harris’ frivolous spending could not secure them the desired outcome, a testament to the support and belief in Trump’s leadership.
The figures also hint towards a certain fickleness in donations made to the Democrats, marked by the sudden increase following Harris’ rise to head the ticket. The overall contributions, however, fell short of the might displayed by Trump’s Super PACs.
In essence, these figures narrate an ironic story of spending strategies – while Biden and Harris felt safe in their substantial financial fortification, the victory was swiped by a more measured, frugal strategy in Trump’s camp, proving substance over style.