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Financial disclosures reveal fundraising landscape for presidential hopefuls

Jul 17, 2023

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Federal disclosures are providing a glimpse of where presidential hopefuls stand in fundraising for a White House bid. The filings released Saturday, July 15, show that Donald Trump and Ron DeSantis are dominating the fight for campaign cash in the Republican presidential contest.

Ron DeSantis

Florida Gov. Ron DeSantis raised $20.1 million between April 1 and June 30. Notably, a significant portion of his contributions have come from big-dollar donations, as reported by the New York Times. However, DeSantis is also spending a considerable amount, with his campaign having utilized approximately 40% of the funds raised in the quarter.

Recent polls indicate DeSantis has slumped in his popularity. Politico reports DeSantis has reduced campaign staff amid struggles to meet fundraising goals.

Donald Trump

Former President Donald Trump, who leads significantly in polling, raised $17.7 million during this year’s second quarter, according to Federal Election Commission filings. Most of this amount was transferred from another committee, which will disclose its figures later this month, the Times reported.

Trump’s joint fundraising committee says it took in over $35 million from April through June, roughly doubling the $18.8 million it raised in the first three months of 2023.

President Joe Biden

Incumbent President Joe Biden collected $19.9 million in donations for this quarter. Notably, Biden benefits from close collaboration with the Democratic National Committee and its fundraisers, who jointly report having raised a combined $72 million since Biden launched his reelection bid in April.

Notably, Biden’s fundraising numbers are behind both former President Trump and former President Obama during the same period of their respective past campaigns for a second term, NPR reported.

Other Republican hopefuls

As the fundraising numbers establish Trump and DeSantis in their own tier, other Republicans have brought in smaller numbers. Per the FEC filings, Vivek Ramaswamy raised $7.7 million, Tim Scott raised $5.9 million, Nikki Haley’s campaign raised $5.3 million, and former Vice President Mike Pence, who entered the race in June, raised only $1.2 million for his campaign during the April 1 to June 30 period.

The figures disclosed by the FEC do not give the full picture yet. Super PACs, external groups, and fundraising committees that contribute to these presidential hopefuls do not need to fully disclose their contributions until July 31.

Upcoming debates

While having substantial funds in the war chest is seen as critical for a shot at victory, GOP candidates must also demonstrate that they have at least 40,000 unique donors to qualify for a seat on the debate stage.

Qualifying candidates will face off on Aug. 23 in the debate set to be held in Milwaukee, Wisconsin.

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