5 takeaways from the third campaign fundraising quarter

Filings from the third fundraising quarter offer new insights into how campaigns are faring just more than a year out from next November’s high-stakes Election Day. 

The Federal Election Commission’s third-quarter filing deadline Sunday reveals an inside look at the crowded GOP presidential field, the longshot White House contenders, and the current and former commanders in chief — President Biden and former President Trump — racing to win the Oval Office in 2024.  

The latest surge of filings also includes new numbers in key Senate and House races as the election cycle heats up — and as key primaries are set to kick off in just a few months. It’s the last look at the campaigns’ 2023 numbers until the fourth-quarter filing deadline in January next year.  

Here are five takeaways from the latest campaign fundraising numbers:

Biden’s campaign haul beats Trump’s 

The third-quarter receipts for Biden’s principal campaign committee — sitting at roughly $24.8 million — edge out Trump’s $24.5 million and leads the rest of the major names in the White House race.  

Together with his joint fundraising committee and the Democratic National Committee (DNC), Biden’s reelection bid reported a total haul of more than $71 million from July through September.  

That figure’s relatively on par with the more than $72 million Biden pulled in during the second quarter.  

The president’s bid also boasted nearly $91 million cash on hand, which his team said was “the highest total amassed by any Democratic candidate in history at this point in the cycle.”  

Trump and Biden are the clear leaders of their respective fields, setting the 2024 race up for a likely rematch of their 2020 contest. Polling has shown a hypothetical Biden-Trump showdown next year would be a close race.  

Biden’s principal campaign committee ended September with more than $32 million in cash on hand, according to the latest filing. Marianne Williamson, Biden’s only big-name Democratic challenger, ends with just more than $101,000 cash on hand. 

“The numbers speak for themselves: Americans know the stakes of next year’s election and are supporting Team Biden-Harris with the urgency that this election warrants,” DNC Chair Jaime Harrison said in a statement.  

Trump drowns out GOP rivals in cash on hand 

The July-through-September period covered in the latest filings spans the first two Republican presidential debates, as the GOP contenders jockey to catch up to front-runner Trump — who skipped both debate events.  

The third quarter has also seen a historic two new criminal indictments for the former president, but Trump has appeared to capitalize off his ongoing legal battles. 

His principal campaign committee reported bringing in $24.5 million during the third quarter of 2023, ending with more than $37.5 million cash on hand.  

His campaign earlier this month had announced a haul of more than $45 million in funds from his joint fundraising committee, of which they said close to $36 million was designated for use in the primary campaign. 

The former president has surprised some with a 2024 campaign that appears more disciplined than his 2016 and 2020 bids for the White House; his team’s quick fundraising off his courtroom troubles is cited as an example of a more streamlined strategy.  

Florida Gov. Ron DeSantis (R), long considered Trump’s closest competitor, reported raising $15 million between his campaign committee, leadership PAC and joint fundraising committee during the third quarter. The governor’s campaign said $5 million of that figure can only be used during the primary. 

Trump’s team called the numbers “a grave indication” for DeSantis’s candidacy.  

Republican Nikki Haley’s campaign said she brought in more than $11 million between three of her political committees, and $9.1 million of her campaign funds can be used in the GOP primary. The former U.N. ambassador appears to be closing in on DeSantis as a strong alternative to Trump, receiving widespread praise for her debate performances and seeing a bump in polls.  

South Carolina Sen. Tim Scott (R) reported raising close to $6 million between his political committees — less than Haley and DeSantis — and filings show he spent a whopping $12 million this quarter. His team reports he ends the quarter with $11.6 million available for him to use during the primary. 

Trump’s fundraising lead echoes his significant lead over the rest of the Republican presidential field in polling. Many see the non-Trump contenders in a race for second place, with hopes that the field will narrow and support will coalesce to make the race with Trump more competitive.  

RFK Jr. pulls in nearly $9 million before party switch 

Robert F. Kennedy Jr., who initially ran as a Democratic challenger to Biden, raised around $8.7 million during the third quarter, according to the latest filing.  

He spent around $7 million this quarter and ended September with roughly $6.17 million in cash on hand. 

American Values, the political action committee backing Kennedy’s bid, said that it raised $11 million just six hours after he announced his party switch in early October.  

Kennedy is starting the fourth quarter as an independent candidate. He declared earlier this month that he would be switching his longshot presidential bid from Democrat to independent. Democrats have long been anxious about how a third-party bid could impact Biden’s reelection effort, while some Republicans worry Kennedy could help inch Biden to victory. 

Kennedy’s third-quarter filing shows he considerably outraised Cornel West, who recently switched from the Green Party to run an independent presidential bid. West brought in just more than $250,000, according to the filings.  

Fundraising numbers sound alarms for Pence, Burgum 

For some Republican presidential hopefuls, the latest fundraising numbers spell trouble as the party heads toward its third debate next month — and the start of the nominating calendar early next year.  

Former Vice President Mike Pence, who is vying against his former running mate for the GOP nomination, raised around $3.4 million in the third quarter, well behind Trump, and also trailing candidates like DeSantis, Haley and conservative entrepreneur Vivek Ramaswamy.  

Pence spent nearly as much as he raised this quarter and ended September with nearly $1.2 million cash on hand. He’s also accrued around $620,000 in debt, according to the latest filing.  

Former New Jersey Gov. Chris Christie’s (R) campaign receipts for the third quarter came in at nearly $3.8 million, and North Dakota Gov. Doug Burgum’s were at $3.4 million.  

A recent Morning Consult poll of the Republican field put Trump at 61 percent and Pence at just 5 percent. Christie and Burgum were at 3 percent and 1 percent, respectively. 

Former Arkansas Gov. Asa Hutchinson and Republican commentator Larry Elder, who both failed to make the second Republican debate stage last month, each brought in less than $1 million. In the Morning Consult poll, Hutchinson earned zero percent and Elder wasn’t included as a tested name.  

These dollar figures are far below the Trump campaign’s $24.5 million and another signal of the uphill climb for candidates to catch up to the former president — and of the contentious scramble between candidates looking to surge into second place.  

Senate Democrats rake in cash in key races 

Fundraising figures for Senate Democrats could be cause for optimism in the party as they seek to keep control of the upper chamber in 2024 — with vulnerable incumbents in several states leading their Republican rivals in the latest numbers.  

In Montana, Democrat Sen. Jon Tester brought in more than $5 million for his reelection campaign, substantially outpacing Republican Tim Sheehy’s roughly $2.8 million.  

In Nevada, Democratic Sen. Jacky Rosen raised $2.7 million, according to filings, while Republican Sam Brown raised around $1.2 million. Republican Jeff Gunter reported around $416,000.  

Pennsylvania Democratic Sen. Bob Casey reported raising $3.2 million in the third quarter, more than in any quarter of his 2018 reelection bid. Former GOP Senate candidate Dave McCormick, who jumped in to challenge Casey at the end of September, did not file a report.  

In Ohio, Democratic Sen. Sherrod Brown pulled in $5.8 million, beating out his Republican rivals’ numbers. 

Democratic Senatorial Campaign Committee spokesperson Tommy Garcia said in a statement that Senate Democratic candidates’ “formidable” fundraising in the third quarter “reflects the strong support they’ve earned from voters and grassroots donors, who recognize the stakes of this election and the importance of stopping Republicans from implementing their toxic agenda.” 

Democrats hold a slim 51-49 majority in the Senate, and protecting vulnerable incumbents’ seats could be key to control of the chamber in 2024.