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Kamala Harris’ 2024 presidential campaign, which initially showed immense promise through historic fundraising achievements, is now grappling with financial difficulties.
The campaign has reportedly ended $20 million in debt, raising questions about financial mismanagement and strategic overspending.
Record-Breaking Fundraising Efforts
Harris’ campaign raised a staggering $997.2 million from January 2023 to October 2024, significantly outpacing her Republican opponent, Donald Trump, who raised $388 million over the same period.
When combined with affiliated committees, Harris’ fundraising total reached $1.2 billion through the Harris Victory Fund.
The campaign experienced impressive surges, particularly in October 2024, when Harris raised $97.2 million in just two weeks, compared to Trump’s $16.2 million.
Harris also set a record for single-day fundraising by collecting $81 million within 24 hours of announcing her candidacy, surpassing Trump’s $52.8 million haul following his conviction earlier that year.
Support from large donors was a defining feature of Harris’ fundraising success.
She was backed by 76 billionaires, including prominent figures like Netflix co-founder Reed Hastings and philanthropist Melinda French Gates.
In contrast, Trump garnered support from approximately 50 billionaires, including Elon Musk and Timothy Mellon.
Significant Spending Raises Questions
Despite Harris’ extraordinary fundraising efforts, her campaign reported cumulative spending of $880.2 million, far outstripping Trump’s $354.9 million.
In early October alone, the Harris campaign spent $165.9 million compared to Trump’s $99.7 million.
Harris' high-profile expenses included $15 million for event production, which featured celebrity performances by Katy Perry, Lady Gaga, and Ricky Martin at election rallies.
Additionally, the campaign spent $1 million for a town hall event with Oprah Winfrey, hosted by Harpo Productions.
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A six-figure investment went toward building a set for Harris’ appearance on the “Call Her Daddy” podcast instead of travelling to the set.
Campaign Debt and Fallout
As of November 2024, the Harris campaign was $20 million in debt despite reporting $118 million in cash on hand as of October 16.
Much of the spending reportedly went toward digital media, advertising, polling, and interstate travel in the final months.
Critics have pointed to these expenses as examples of “panic spending” that lacked strategic foresight.
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The campaign’s financial struggles have led to significant backlash from donors, vendors, and staff.
Lindy Li, a member of the Democratic National Committee’s finance committee, expressed frustration, saying she and others were misled about Harris’ chances of victory.
Vendors and staffers have voiced concerns over delayed payments, adding to the campaign’s woes.
In response to the debt, the Harris campaign has continued fundraising efforts even after Election Day.
A portion of the funds raised is being redirected toward a potential recount fund, with the remaining allocated to the Democratic National Committee.
However, the fine print on donation links has drawn scrutiny from some contributors.
Criticism and Comparisons
Donald Trump, who secured victory with 312 Electoral College votes, winning all seven battleground states, mocked the Harris campaign’s financial woes on his social media platform, Truth Social.
He suggested Republicans might step in to help cover the Democrats’ debt, further stoking tensions between the parties.
Within the Democratic Party, Harris’ debt is being viewed as an egregious misstep.
A Democratic source called the situation a result of “remarkable incompetence,” contrasting it with John Kerry’s 2004 campaign, which ended with a $14 million surplus.
As the Democratic Party assesses the 2024 election cycle, Harris’ campaign serves as a cautionary tale of how financial resources alone cannot guarantee electoral success without a cohesive strategy and prudent spending.