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The stories that matter on money and politics in the race for the White House
Democrat Kamala Harris and Republican Donald Trump have together spent $3.5bn in their race for the White House, making the 2024 presidential campaign the most expensive US general election in history.
With the two candidates running neck and neck as voters headed to the polls on election day, final filings in mid October show that the campaigns, outside groups and party committees have collectively raised almost $4.2bn.
Harris outraised her Republican opponent, with groups including the Democratic National Committee and affiliated fundraising vehicles — among them Super Pacs, which can raise unlimited amounts from individuals — attracting more than $2.3bn and spending $1.9bn.
Trump groups and the Republican National Committee took in just over $1.8bn and spent $1.6bn.
Roughly half of all spending during the presidential race has gone towards advertising and the media, according to a Financial Times analysis of campaign finance filings.
The bulk of this has been lavished on the seven swing states that are likely to decide the election. Harris groups alone have shelled out more than $1bn on traditional and social media advertisements there.
Overall, the two campaigns and outside groups have spent nearly $1.5bn on ads in the seven critical states, according to ad tracking group AdImpact. More than $400mn has been spent in the state of Pennsylvania alone, where 19 electoral college votes are up for grabs — more than the $358mn spent in all 43 non-swing states combined.
Trump campaign groups have spent a disproportionately large amount on the former president’s recent and ongoing court cases, with more than $100mn — or 14 per cent of all spending — going towards his legal expenses. This has left a large chunk of other expenditures to be covered by the party, Pacs and Super Pacs, such as the Elon Musk-funded America Pac.
Musk has contributed $118mn to America Pac after helping to found the group this summer, around the time that he publicly voiced support for Trump.
The Super Pac has taken over the bulk of canvassing and field operations related to increasing voter turnout, which are typically handled by the campaign and party.
America Pac has recruited paid canvassers for door-knocking, a job usually done by volunteers in presidential campaigns, in an arrangement that has come under scrutiny.
Investigations have revealed some dysfunction and chaos in the group’s outreach efforts. A large number of door-knocks logged in the operation’s canvassing app were revealed to have been faked and some canvassers reported poor working conditions or confusion over who they had been hired to canvass on behalf of.
Harris’s field operations and voter outreach have been handled in a more traditional way by her campaign and the DNC. The main Harris-aligned Super Pac, Future Forward, has focused its money on advertising and has spent nearly $300mn on ads in swing states.