The Key Insights from the 2024 Fundraising Race: 7 Major Takeaways

The biggest news from the first major fundraising deadline of the 2024 GOP presidential primaries is not just who raised money, but who didn’t. Former Vice President Mike Pence only managed to raise $1.2 million for his campaign, a very small amount compared to other candidates. Even some lesser-known candidates for Senate and U.S. House were able to raise more. Less than $350,000 of Pence’s total came from donations of less than $200, which suggests he may struggle to attract enough donors to qualify for the debate stage in August. Pence has never been a top contender for the nomination due to his strained relationship with former President Donald Trump and his lack of charisma.

Here are six other takeaways from the latest Federal Election Commission reports:

1. DeSantis’ small donors are missing. Florida Governor Ron DeSantis raised a respectable amount in his first quarter as a candidate, bringing in $20 million compared to Trump’s $35 million. However, 70% of DeSantis’ donors have already given the maximum donation for the primary, limiting his ability to go back to them for more funds. DeSantis raised just $2.8 million from small donors, who are typically a reliable source of campaign funds.

2. Sen. Tim Scott impresses. Among the non-Trump, non-DeSantis candidates, Senator Tim Scott raised an impressive $5.8 million, with $1.2 million coming from small-dollar donors. Scott’s fundraising and support from big donors could make him a leading candidate among those looking for an alternative to Trump.

3. Biden raises big money, but small donors are less enthusiastic. President Joe Biden raised a substantial amount of money in the second quarter of this year, with a total of $72 million. However, he only raised $10.2 million from donations under $200, which is less than what Obama raised at a similar point in his reelection bid. Grassroots Democratic donors have not been as generous since Trump left office, but Democrats hope that will change as the race becomes a clearer choice between Biden and a Republican opponent.

4. Rep. Adam Schiff dominates fundraising. Rep. Adam Schiff raised an impressive $8.2 million in the past three months for his Senate campaign, following his controversial censure by House Republicans. Schiff’s fundraising puts him ahead of all other Democratic candidates and the entire Democratic National Committee.

5. Sen. Kyrsten Sinema’s fundraising suggests uncertainty. Sen. Kyrsten Sinema raised $1.6 million in the second quarter of the year, but it’s unclear whether she will run for reelection or retire. Her opponent, Rep. Ruben Gallego, raised $3.1 million and has $3.7 million on hand, indicating a potentially competitive race between the two.

6. GOP Senate candidates struggle to raise funds. Several GOP Senate candidates, including Rep. Matt Rosendale, Rep. Alex Mooney, and Gov. Jim Justice, raised low amounts compared to their Democratic counterparts. The exception is Bernie Moreno, a businessman running in Ohio, who raised just under $2.3 million. House Republicans had a better fundraising quarter than their Senate counterparts, with the average House Republican raising about $700,000 compared to the average House Democrat raising $444,000 in competitive races.

These fundraising numbers provide valuable insights into the state of the 2024 GOP presidential primaries and other key races.

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