Kamala Harris Secures $200 Million in Initial Campaign Fundraising Push

Monday, July 29, 2024 Edit this post

By IndraStra Global News Team

Cover Image Attribute: The file photo of US Vice President Kamala Harris

Kamala Harris's campaign for the U.S. Vice Presidency raised $200 million and enlisted 170,000 new volunteers within a week of President Joe Biden ending his reelection campaign and endorsing Harris for the November 5 election against former President Donald Trump. 

Harris's favorability rating increased to 43% from 35% in a week, and more Americans are enthusiastic about her candidacy than former President Donald Trump's, according to an ABC News poll released Sunday. This boost in fundraising counters a Republican surge that had put Trump ahead in financial support.

This development highlights how Democrats are rallying behind Harris, who announced her candidacy after President Joe Biden ended his reelection campaign and endorsed her. Harris's campaign reported that 66% of the funds raised came from first-time donors. This comes after she raised $81 million in the first 24 hours following Biden's withdrawal, which the campaign called the largest single-day fundraising total in history for any candidate.

Minnesota Governor Tim Walz, considered a potential running mate for Harris, described a renewed energy in the campaign during an appearance on CNN’s "State of the Union" on Sunday. With Biden's exit, the Trump-Vance campaign now faces a younger opponent with a different ideological stance. Walz expressed confidence, suggesting that the Trump campaign lacks new strategies.

Over the weekend, both campaigns were active. Trump courted the cryptocurrency industry, pledging to fire SEC Chair Gary Gensler, and criticized Harris as an "out-of-touch San Francisco liberal" at a rally in Minnesota. Harris, meanwhile, attended a scheduled fundraising event in Pittsfield, Massachusetts, where she dismissed the rhetoric from Trump and his running mate JD Vance as "weird." She plans to continue campaigning in Atlanta on Tuesday.

New Hampshire Governor Chris Sununu, who initially endorsed Nikki Haley before supporting Trump, predicted that the race will likely become "a neck-and-neck contest" after Harris's surge.

"This is the honeymoon period," he commented on ABC’s "This Week," adding that the first significant poll will be released the Wednesday after Labor Day.

Harris has already secured enough delegate support to clinch the nomination, with a crucial endorsement from former President Barack Obama on Friday.

Biden's campaign suffered financially following a poor debate performance and subsequent internal party disputes about his future. Donors withdrew support due to concerns about the 81-year-old president's mental acuity and electability against Trump in the upcoming November election.

At the start of July, Biden's campaign had $96 million in cash after spending about 93% of its June funds. This burn rate was much higher than Trump’s campaign, which spent only 46% of its June funds and had $128 million remaining. Despite polls showing Trump gaining an edge, Biden's campaign continued to spend heavily amid calls for him to end his bid.

This was a sharp reversal from earlier in the race when Biden had a significant financial advantage, partly due to a lack of serious Democratic challengers and Trump facing a challenging GOP primary and multiple legal issues.

Trump’s fundraising has increased recently, fueled by contributions from major Republican donors and support from Wall Street and corporate executives attracted to his economic policies. Tesla CEO Elon Musk, reportedly planning to donate $45 million a month to a pro-Trump group, clarified that his contributions would be at a "much lower level."

Trump and the Republican National Committee raised $331 million in the second quarter, surpassing the $264 million raised by Biden and the Democratic National Committee.

Democratic Wall Street donors are now working to mobilize their networks to help Harris close the fundraising gap with Trump.

Trump's campaign has filed a complaint with the Federal Election Commission, claiming that Biden's transfer of his $96 million violates campaign finance laws. Although the issue raises a novel legal question, many campaign finance experts believe the transfer is likely permissible.

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IndraStra Global: Kamala Harris Secures $200 Million in Initial Campaign Fundraising Push
Kamala Harris Secures $200 Million in Initial Campaign Fundraising Push
By IndraStra Global News Team
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