Fundraising Totals Reveal Strategies of Both Parties as 2024 Election Cycle Approaches

The Federal Election Commission released the latest fundraising totals for federal political candidates on Sunday, giving insight into who is likely to be competitive in the 2024 election cycle. Republicans need to flip two seats to guarantee Senate control in 2025, and two of the three Democrats up for re-election in states former President Donald Trump carried in 2016 and 2020, Jon Tester and Sherrod Brown, are among the most vulnerable incumbents.

President Joe Biden announced raising $71 million in the third quarter, a total far greater than former President Donald Trump’s haul. Biden also has more cash on hand than every Republican competing for the GOP nomination combined.

The National Republican Senatorial Committee has recruited aerospace executive Tim Sheehy to take on Tester, and Sheehy loaned his campaign $1 million in the last quarter. Meanwhile, Ohio Republicans have seen a surge of donations from wealthy donors, with the Ohio Republican Party raising $2.2 million in the third quarter.

The third quarter fundraising totals have given insight into the strategies of both parties as they prepare for the 2024 election cycle. Democrats are hoping that Biden’s strong fundraising numbers will help to smooth over any internal party divisions, while Republicans are relying on wealthy donors to help them gain an edge in key states. It remains to be seen which strategy will be more successful in the long run.