(Bloomberg) — The race for Republican presidential contenders to stockpile campaign cash and influential donors ahead of the expensive 2024 primary season is in full swing, while President is building a formidable war chest for the general election.
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Campaign finance disclosures, due to the Federal Election Commission on Sunday, cover donations and expenses from July through the end of September, normally slow months for raising money due to summer vacations. Several candidates — including Biden and GOP frontrunner — bucked that trend with strong fundraising this quarter.
Donor names and cash on hand are key metrics to watch as the disclosures trickle in by midnight in Washington. Here’s how they’re faring:
Joe Biden
Biden raised $71 million in the third quarter and has $91 million cash on hand, which includes money for his campaign, the Democratic National Committee and state parties, according to a statement.
That haul puts him well ahead of his Republican competitors, a particularly enviable position because he doesn’t have to spend money in a primary contest as GOP candidates must.
Biden has yet to file his disclosure with the FEC, which will include the names of the major donors to his campaign.
Donald Trump
Trump raised $45.5 million and has about $36 million cash on hand for the primary, according to his campaign.
That amount makes him the clear fundraising winner in the GOP field, where he is also the dominant frontrunner in the polls.
Trump, as well as his GOP rivals Ron DeSantis and Nikki Haley, haven’t filed FEC disclosures yet. Neither have Republican candidates Tim Scott, Mike Pence and Vivek Ramaswamy.
Ron DeSantis
Florida Governor Ron DeSantis raised $15 million, but only had $5 million that could be spent in the primary, according to people familiar with his campaign.
Campaign contribution limits restrict some money for use only in the general election. DeSantis, who has been seen as the main alternative to Trump, has failed to grow his base of support since launching his campaign in May, raising doubts about its viability.
Nikki Haley
Former US Ambassador to the United Nations Nikki Haley raised $11 million in the third quarter and has $9.1 million cash on hand for the primary.
Donors have been increasingly interested in Haley following two standout debate performances in August and September. The strong fundraising total for the third quarter could put her in a position to challenge DeSantis for the No. 2 spot in the polls.
Chris Christie
Former New Jersey Governor and prominent Trump critic Chris Christie raised $3.8 million, spent $1.5 million and ended September with $3.9 million cash on hand, more than twice what he had at the end of previous quarter.
Christie received the maximum $6,600 donation from Scott Rechler, chief executive officer of real estate giant RXR and a Federal Reserve Bank of New York board member. Billionaire Stanley Druckenmiller and Arizona Cardinals owner Michael Bidwell each gave $3,300. Nicole Tepper, wife of Carolina Panthers football team owner David Tepper, gave $3,500. Seth Klarman, the CEO of the Baupost Group who usually supports Democrats, also gave $3,300.
The strong fundraising will propel Christie well into the spring. His campaign is banking on a strong showing in the New Hampshire primary. He is polling at 9% in the state, according to the in the RealClearPolitics average of national polls, which puts him in fourth place, well behind Trump’s 45%.
Doug Burgum
North Dakota Governor Doug Burgum, who’s largely self financing his campaign, took in $3.4 million, including $2 million from his own pockets. He spent $4.7 million and had $2.3 million cash on hand.
Burgum, who made his fortune from selling his software company to Microsoft, can put as much of his wealth into his campaign as he wishes, but needs to attract enough small-dollar donors to qualify for the Republican debate stage. He raised $409,000 from them, about a third of his contributions.
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