{"id":246120,"date":"2024-07-21T22:11:21","date_gmt":"2024-07-21T22:11:21","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/07\/21\/what-happens-to-joe-bidens-campaign-money\/"},"modified":"2025-06-25T17:14:17","modified_gmt":"2025-06-25T17:14:17","slug":"what-happens-to-joe-bidens-campaign-money","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/07\/21\/what-happens-to-joe-bidens-campaign-money\/","title":{"rendered":"What happens to Joe Biden’s campaign money?"},"content":{"rendered":"

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According to the latest Federal Election Commission filings, Biden\u2019s campaign entered July with $96 million<\/a>, after spending $243 million through the end of June. That doesn\u2019t include money the that the national Democratic Party apparatus and allied political action committees have.<\/p>\n

But July\u2019s fundraising likely started off slow as top donors worried<\/a> about Biden\u2019s election prospects after his disastrous debate performance in late June, with many reportedly refusing to contribute unless he dropped out.<\/p>\n

Meanwhile, Donald Trump has been quickly closing the money gap he had earlier this year with Biden and likely saw a surge after last week\u2019s assassination attempt. According to the FEC, Trump\u2019s campaign had\u00a0$128 million in the bank at the end of last month.<\/p>\n

Vice President Kamala Harris<\/a>, whom Biden endorsed to take his place on the ticket, can access the campaign money most easily. Biden\u2019s main campaign committee changed its name Sunday from \u201cBiden for President\u201d to \u201cHarris for President,\u201d according to a\u00a0letter it sent to the FEC<\/a>.<\/p>\n

Because Biden and Harris share a campaign committee, she can continue using the existing funds for the general election if she is on the Democratic ticket as either the presidential or vice-presidential nominee, according to a note Sunday from Trevor Potter<\/a>, who is a former FEC chairman and currently the president of the Campaign Legal Center.<\/p>\n

\u201cA major party\u2019s presumptive nominee stepping down months before Election Day is not an ordinary event, but it is also not a crisis,\u201d he wrote, adding that there are Democratic Party rules and FEC rules that govern where the money can go.<\/p>\n

If Harris isn\u2019t on the ticket, campaign committees are subject to federal rules, which limit candidate-to-candidate contributions to $2,000 per election, Potter explained.<\/p>\n

The Biden campaign can also refund its donors or transfer its funds to the national Democratic Party or state parties, he said. The committees can then spend some funds in coordination with the eventual nominee. \u00a0<\/p>\n

Aside from the Biden campaign money, Harris is poised for a big haul in her own right. Any nomination won\u2019t be official until the DNC, and Harris said Sunday she intends \u201cto earn and win this nomination.\u201d Top Democratic donors Alex Soros<\/a> and Reid Hoffman<\/a> already pledged support for Harris.<\/p>\n

Other donors told the New York Times<\/em><\/a> on Sunday that they immediately began mobilizing for her, with one Silicon Valley bundler raising more than $1 million in just a half hour. <\/p>\n

Meanwhile, Gretchen Sisson, a top Democratic bundler and Harris supporter, told the Times<\/em> that her phone \u201cis exploding.\u201d<\/p>\n

\u201cLots of folks are asking where to contribute, what they can do to support the campaign, and wanting to write more. People who were committed but worried are now excited and energized,\u201d she said.<\/p>\n<\/div>\n