Former President Donald Trump's financial prowess in the Republican primary race is evident, with his campaign's third-quarter fundraising figures dwarfing those of his GOP rivals. This financial advantage mirrors his commanding lead in the polls, solidifying his position as the frontrunner for the Republican nomination.
According to an NBC News analysis of the quarterly fundraising reports submitted to the Federal Election Commission, Trump's campaign reported raising $24.5 million during the third quarter. This amount is more than double what any of his Republican competitors reported for the same period. Furthermore, Trump's campaign now boasts a cash reserve of $37.5 million, which is over seven times the amount held by Florida Governor Ron DeSantis, who has consistently polled in second place throughout the year.
The fundraising momentum for Trump seems to be on an upward trajectory. His third-quarter figure surpasses the $17.7 million raised in the second quarter and the $14.4 million collected during the first three months of the year. As a result, his cash on hand has seen a significant boost, rising from $13.9 million at the end of the first quarter.
Veteran Republican consultant Dave Carney commented on Trump's fundraising success, stating, "All the political elites want him to run out of money and keep hoping something bad is gonna happen. And he just continues to chug along and improve." Carney further noted the lack of a clear alternative to Trump among the GOP candidates, suggesting that Trump's dominance is likely to continue.
However, Trump's campaign fundraising total was notably lower than the over $45 million reported by his joint fundraising committee for the same period. This discrepancy indicates that the joint committee had significant expenses before transferring funds to Trump's campaign. The committee's financial disclosures are due at the end of January.
Despite the disparity, Trump's financial position remains enviable. With his substantial funds, he can easily outspend his primary rivals in advertising campaigns, should his lead in the polls diminish. Additionally, his campaign can afford a larger payroll to enhance its ground game advantage over other candidates. While DeSantis has the backing of a well-funded super PAC, legal restrictions prevent it from coordinating with his campaign.
However, Trump's campaign expenses could become a point of concern. While the campaign itself had minimal legal expenses in the third quarter, his leadership committee has incurred significant legal costs. The campaign's most substantial third-quarter expenses were payroll-related, amounting to $1.3 million. Trump's campaign also spent heavily on private air travel due to security concerns, with payments totaling $1.1 million to TAG Aviation, a charter jet company, and an additional $140,600 to Private Jet Services Group, LLC.
Moreover, Trump's campaign continued its trend of spending at his properties, albeit at a reduced rate compared to his previous presidential campaigns. In the third quarter, the campaign reported payments to several of Trump's clubs, including National Doral, Bedminster, and Mar-a-Lago.
In conclusion, Trump's fundraising success and financial advantage underscore his dominant position in the GOP primary race. His ability to mobilize financial support reflects his enduring influence within the Republican Party, making him a formidable contender for the 2024 presidential nomination.
