Show us the money: How big money dominates the 2024 US election
Al Jazeera
Each election cycle, billions of dollars flow into US political campaigns. But where does all this cash come from?
The 2024 US presidential election is on track to be the costliest election in modern history.
When Joe Biden dropped out of the 2024 race in June and backed Vice President Kamala Harris to face former President Donald Trump, it triggered a huge flow of cash to the Democrats. In the 24 hours after Harris announced her candidacy, $81m flooded her campaign fund.
Harris’s campaign has been a major cash cow for the Democratic Party. She set a new record, pulling in $1bn in three months. She entered October with a huge cash advantage over Trump, having outraised the Republican Party candidate almost three-to-one, in September, pulling in $378m. Harris has also edged Trump in the battle for small donors.
Despite a smaller war chest, Trump still has deep pockets, raising $160m in September. At a June event, Trump walked away with $50m after addressing donors for roughly 45 minutes. And thanks to his loyal base, when he was found guilty of falsifying business records in May, Trump used his conviction to raise $52.8m in about 24 hours, according to his campaign. Trump also leveraged an assassination attempt and his New York mugshot to extract millions from donors.
In the US, campaign finance is regulated by a series of laws, which aim to prevent corruption while promoting transparency. The Federal Election Commission (FEC) enforces these rules.
