The 2024 U.S. election has set a new benchmark in campaign spending, becoming the most expensive election cycle in American history. According to OpenSecrets, a nonprofit tracking political donations, spending for this election has surged to a record-breaking $15.9 billion. This surpasses the $15.1 billion spent during the 2020 election and more than doubles the 2016 spending total of $6.5 billion, showcasing an unprecedented level of financial commitment from both parties and their supporters.
In the high-stakes presidential race, Vice President Kamala Harris leads fundraising efforts, generating over $1 billion in contributions directly to her campaign, with another $586 million flowing in from supporting political action committees (PACs). Former President Donald Trump’s campaign has raised $382 million, with an additional $694 million from aligned PACs and committees, demonstrating strong financial backing from his supporters.
Top individual donors have contributed significantly to these record-breaking numbers. Timothy Mellon, a major Republican donor, has contributed $197 million towards Trump and other GOP campaigns, while Democratic megadonors Michael Bloomberg and George Soros have given $93 million and $56 million, respectively, to support progressive causes.
Campaign advertising has been a major expense, accounting for $10.5 billion, with Pennsylvania standing out as a major battleground state, amassing $1.2 billion in campaign spending. Digital ads made up about 17% of the presidential advertising budget, with Democrats investing heavily in platforms like Facebook, while Republicans took the lead on X (formerly Twitter).
Key themes in campaign ads revolve around critical issues such as the economy, immigration, and healthcare. This record-breaking spending underscores the intense competition and the high financial stakes of the 2024 election as candidates rally for voter support on pressing national matters.
