Trump Towers Over GOP Money Race, DeSantis's Heavy Spending, and Santos Unleashes Sharp Attacks: Key Insights from Latest Campaign Finance Reports

Donald Trump is outpacing his GOP primary competitors in fundraising as the 2024 White House race approaches its first nominating contests. The former president has seen a significant increase in donations, allowing him to outspend his rivals both on media advertisements and ground campaigns. In the third quarter of this year, Trump's campaign account received a remarkable $24.5 million, more than twice the amount collected by Florida Gov. Ron DeSantis, who is his closest competitor in fundraising. This surge in funding follows a previous quarter where his campaign raised $17.7 million.

New filings submitted on Sunday to federal election regulators further illustrate the widening divide between Trump and the other contenders vying for the nomination. Notably, prominent Republicans such as former Vice President Mike Pence, who was once Trump's running mate, are falling far behind the rest of the field as they face challenges in gaining both voter support and financial backing from donors.

These reports also reveal that DeSantis and South Carolina Sen. Tim Scott, both of whom are competing against Trump and have been striving to win the favor of wealthy GOP donors, are rapidly depleting their political donations just as the competition for the Republican presidential nomination intensifies.

Here are nine takeaways from the new filings and what they say about the fights for the White House and Congress:

DeSantis and Scott spend big

During the third quarter, DeSantis raised slightly over $11 million through his primary campaign account and utilized the majority of it. His campaign's expenditure and significant burn rate have attracted considerable attention, as he endeavors to persuade affluent GOP contributors that he represents a viable alternative to Trump.

Payroll expenses for the DeSantis campaign reached over $1.2 million, making it the largest expenditure. However, towards the end of the fundraising period, the campaign staff size decreased to approximately 60 individuals, compared to the initial 90 at the beginning of the quarter. The DeSantis team significantly reduced positions during the summer and recently disclosed that roughly a third of their staff would relocate to Iowa, highlighting the significance of the lead-off caucuses for their presidential aspirations.

Former Vice President Mike Pence in Washington on September 15, 2023.

Andrew Caballero-Reynolds/AFP/Getty Images

Pence and other long-shot GOP candidates face financial warning signs as 2024 approaches

During the summer months, DeSantis consistently funneled funds into private air travel, which gradually decreased in September. Throughout this period, his campaign made payments to at least five private air travel companies. Notably, an expenditure of $723,000 was allocated towards travel expenses with N2024D LLC. It is worth mentioning that this particular company was established just two days before DeSantis launched his presidential campaign in May, effectively concealing his method of transportation from public scrutiny.

Scott, on the other hand, managed to raise close to $4.6 million in the quarter. However, his expenses exceeded that amount greatly, totaling $12.4 million. This has significantly depleted the cash reserve he had initially transferred from his Senate campaign account when he joined the GOP presidential primary race.

The reports filed on Sunday provide only a glimpse of the funds that will play a crucial role in determining the outcome of the 2024 presidential election.

All the leading candidates are reaping the advantages of financial contributions from external super PACs, which have the power to collect limitless amounts. The financial statements of these organizations will not be disclosed until the following year.

Similarly, the joint committee utilized by Trump as his primary fundraising mechanism was not obligated to submit its report to regulatory authorities on Sunday. Previously, Trump's team declared an overall fundraising achievement of $45.5 million in the third quarter through this committee.

Haley and Christie conserve cash

Former South Carolina Governor Nikki Haley experienced an uptick in fundraising during the third quarter following her commendable performances in two highly regarded Republican debates. Additionally, according to her filing, Haley's campaign adeptly managed its resources, resulting in a substantial increase in available cash. As of September 30, her stockpile stood at nearly $11.6 million, a significant rise from the approximately $4 million that remained in the campaign's accounts at the beginning of the quarter.

The Haley team stated that $9.1 million from her cash reserves can be allocated for the primary election. Meanwhile, Former New Jersey Governor Chris Christie managed to raise $3.8 million, with a reported cash balance of nearly $4 million after spending just $1.5 million in the third quarter.

Christie, determined to secure a significant victory in the primary race in New Hampshire, concluded September with over $3.9 million in liquid funds - all of which his campaign affirmed is earmarked for the primary election.

Eyes on the Senate

In the race to replace the late Democratic Sen. Dianne Feinstein, California is attracting considerable attention for its high-profile 2024 Senate race. Rep. Adam Schiff, among the many well-known Democrats competing, has been successful in his fundraising efforts for his Senate bid. In the third quarter, Schiff managed to raise over $6.4 million. While this amount is slightly lesser than the $8.3 million he raised in the previous period, Schiffs campaign disclosed that it has $32 million available in its bank account as of September 30. This impressive sum is partly due to the remaining funds from his House campaign account, contributing to a substantial financial reserve.

Schiff surpassed both Reps. Katie Porter and Barbara Lee in fundraising, with Porters' report revealing $3.4 million raised and nearly $12 million accumulated in cash on hand by September 30. Meanwhile, Lee collected $1 million and finished the quarter with approximately $1.3 million in the bank.

Laphonza Butler speaks during a political event with reproductive rights groups at the Mayflower Hotel in Washington, June 23, 2023.

Evelyn Hockstein/Reuters/FILE

Political actions are being directed towards new California Senator Butler as she considers running. Additionally, Senator Laphonza Butler, recently appointed by Democratic Governor Gavin Newsom, may also enter the race, resulting in a larger pool of candidates.

The top-two primary system in California combined with the state's strong democratic inclination could result in two Democrats being listed on the general election ballot in November.

In a separate and highly anticipated Senate race, Arizona has the possibility of a three-way competition if independent Senator Kyrsten Sinema decides to run for reelection.

Sinema, who defected from the Democratic Party in December but maintains her alliance with her former party colleagues in the Senate, has yet to declare her intentions to run. However, her fundraising efforts significantly declined in the third quarter of 2023.

In the July-to-September timeframe, Sinema managed to raise a mere $826,000, which is half of the $1.65 million she raised in the preceding three months. Despite still holding a substantial war chest of approximately $10.8 million, the sharp decrease in her fundraising activities has fueled speculation about her political prospects.

In contrast, Democratic Rep. Ruben Gallego proved to be a formidable contender in Sinema's ranks, with an impressive fundraising quarter. Gallego managed to raise over $3 million in the third quarter alone and had an impressive cash balance of $5 million as of September 30.

The Arizona Republican party gained significant traction with the addition of Kari Lake, their high-profile Senate candidate for 2022, who entered the race late last month after the third quarter had ended. Prior to Lake's entrance, Pinal County Sheriff Mark Lamb held the spotlight as the most prominent Republican candidate, raising approximately $475,000 in the third quarter.

West Virginia Senator Joe Manchin, a vulnerable Democratic incumbent who has yet to announce his plans for 2024, experienced a decline in fundraising similar to Senator Sinema. In the third quarter, he only raised $715,000, compared to approximately $1.2 million in the previous period.

Although Manchin has hinted at the possibility of launching an independent presidential campaign, he does have considerable financial resources with $11.3 million in his bank account as of September 30. Among his Republican competitors, outgoing Governor Jim Justice raised around $613,000 in the third quarter and reported nearly $1.2 million in available funds. Meanwhile, Representative Alex Mooney received $314,000 in donations and had approximately $1.6 million stored in the bank.

Senate self-funders

In the crimson-leaning state of Ohio, two Republicans, Matt Dolan and Bernie Moreno, made substantial financial contributions to their own campaigns in order to challenge veteran Democratic Senator Sherrod Brown.

In the third quarter, Dolan, a state senator and part of the family that owns the MLB team Cleveland Guardians, contributed a loan of $3 million to his campaign. Additionally, he raised slightly over $1 million. Following a similar pattern, Moreno, a well-known businessman in Cleveland, loaned his campaign $3 million and raised just over $1 million. Dolan, who started his campaign in January, has already provided a total loan amount of $7 million to support his campaign.

Both candidates were unsuccessful in their bid for Ohio's other Senate seat in 2022 and spent a significant amount of money on their campaigns, resulting in the Republican primary for that year being one of the most expensive in recent cycles.

Meanwhile, Brown experienced a boost in fundraising, raising $5.8 million during the July-to-September quarter, up from the previous quarter's $5 million. The three-term senator ended the period with a substantial cash balance of over $11.2 million.

Other key Senate fights

Several other Democrats in key swing-state Senate races also hauled in millions in the third quarter.

Sen. Tammy Baldwin of Wisconsin has accumulated a substantial campaign fund of $3.1 million, with an impressive bank balance of nearly $7 million. This strategic financial preparation is in anticipation of what could potentially be one of the most significant Senate races in the upcoming year.

Similarly, in Nevada, Sen. Jacky Rosen has managed to raise an impressive $2.7 million and currently possesses $8.8 million in available funds. Republicans have identified this particular race as a prime target, and their confidence is bolstered further by the successful recruitment of retired Army Capt. Sam Brown.

Brown, who lost a 2022 bid for the states other Senate seat, raised more than $1 million in the third quarter, filings show.

GOP Senate Candidate Dave McCormick speaks at a rally on May 16, 2022, at Bloomsburg Area High School in Bloomsburg, Pennsylvania. McCormick, who is trailing behind front runners Dr. Mehmet Oz and Kathy Barnette in the polls, held multiple campaign events ahead of the Pennsylvania primary. Oz, endorsed by former President Donald Trump, and Barnette have seen a surge in their popularity in the weeks leading up to the election.

Republican Dave McCormick has declared his candidacy for the US Senate in Pennsylvania. In a separate development, Democratic Rep. Elissa Slotkin, who is running for the open seat left by the retirement of Democratic Sen. Debbie Stabenow in Michigan, has raised almost $3 million in the third quarter. Slotkin, known for her success as a skilled fundraiser in previous competitive House races, has also amassed over $5 million in cash reserves.

Actor Hill Harper, who is competing in the Democratic primary, disclosed that he raised slightly over $1 million for his campaign and currently possesses approximately $418,000 in available funds as of September 30th.

Furthermore, in Pennsylvania, Democratic Senator Bob Casey amassed $3.2 million in contributions and holds a sizable $7.4 million in financial reserves for an upcoming key race. Republican candidate Dave McCormick, having narrowly missed out on victory in the 2022 primary, has launched his second Senate campaign.

McCormick launched his campaign in late September, just before the end of the third-quarter fundraising deadline, but officially filed with the FEC after the deadline.

Kim outraises Menendez

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Democratic Sen. Bob Menendez of New Jersey was charged with bribery by federal prosecutors last month, shortly before the fundraising quarter ended. Recent reports indicate that the senator managed to raise slightly under $1 million between July and September, leaving him with $8.5 million in his campaign funds as of September 30. Despite the charges, Menendez has chosen not to step down and remains confident that he will be proven innocent.

George Santos goes negative

During the third quarter, the embattled Rep. George Santos experienced a net loss of over $16,500, marking the second instance this year where the New York Republican's campaign reported an expenditure exceeding income. While Santos managed to accumulate $674 in contributions during the fundraising period, the campaign was compelled to issue refunds amounting to over $17,200.

The freshman lawmaker, Santos, faces significant challenges in retaining his competitive Long Island district due to his dire financial situation. He is confronted with 23 federal criminal charges, which involve embezzlement of funds from his company, identity theft of donors, and fraudulent charges on their credit cards.

Santos, who has been making false claims about his personal life, education, and family history, causing media attention since late last year, has dismissed the charges as a "witch hunt" and remains determined to run for reelection in 2024.

Vulnerable House Republicans stockpile funds

Amid the battle over the next speaker, the House of Representatives will put the Republicans' slim majority to the test in 2024. However, a number of their vulnerable members showed strong fundraising efforts during the third quarter. Out of the 14 Republicans in seats deemed as "toss ups" by The Cook Political Report with Amy Walter, seven managed to raise a minimum of $500,000, a significant measure for competitive House candidates. Additionally, 11 of them had a minimum of $1 million in their campaign funds as of September 30, preparing for their challenging races ahead.

Meanwhile, out of the nine Democrats competing in uncertain races, only two managed to garner a minimum of $500,000 in fundraising, and just three possessed a cash balance of at least $1 million. Moreover, the toss-up race to succeed Slotkin in Michigan's 7th Congressional District witnessed Democratic former state Senator Curtis Hertel successfully raising over $750,000, with a reported cash on hand exceeding $630,000. This substantial financial support further strengthens the Democrats' prospects of retaining the seat.

RFK Jr. burned through cash in last quarter as a Democrat

New filings reveal that Robert F. Kennedy Jr., a prominent figure from the renowned Democratic political family, raised over $8.7 million during the third quarter. However, he spent $7 million before ultimately concluding his campaign for the Democratic presidential nomination and deciding to run as an independent candidate. Kennedy officially declared his independent bid on October 9th.

During the quarter, the major expenses consisted of security and travel costs, totaling over $916,000, paid to Gavin de Becker and Associates, a California-based company providing security and travel services. Additionally, the campaign made a payment of over $191,000 to a Florida RV dealer for a "vehicle purchase." Despite attempting to secure Secret Service protection earlier this year, Kennedy was not successful.

Kennedy concluded September with a surplus of $6.1 million in accumulated funds, establishing a more favorable financial position compared to certain Republicans who aim to unseat Trump as the frontrunner of the GOP. However, launching an independent campaign demands significant financial resources. American Values 2024, a super PAC backing Kennedy's candidacy, disclosed that it successfully raised over $11 million in a mere six hours following Kennedy's announcement of his independent pursuit.