Trump Campaign Faces $32 Million Deficit in August Spending Surge

In August, Donald Trump’s presidential campaign experienced a significant financial strain, spending $32 million more than it raised. Despite starting the month with a substantial cash reserve, Trump’s campaign ended August with $295 million on hand, a decrease from the $327 million it held at the beginning of the month. August’s fundraising brought in $130 million, falling short of the $138.7 million collected in July.

The campaign’s spending spree included $64.5 million on advertising, a dramatic increase from the $2.6 million spent in July. This surge in expenditures aimed to counter the rising popularity and momentum of Democratic rival Kamala Harris, who replaced President Joe Biden as the Democratic nominee.

Harris’s campaign has not yet released August fundraising figures but reported a remarkable $540 million raised from Biden’s exit through the Democratic National Convention. This substantial influx of funds has allowed Harris to start August with $377 million, surpassing Trump’s cash reserves and erasing the $50 million lead Trump had built over Biden.

The Trump campaign has attempted to downplay the significance of Harris’s fundraising success, emphasizing their ability to attract smaller-dollar donations. In August, 98% of Trump’s donations were under $200, with an average contribution of $56.

Despite the financial challenges, Trump’s campaign has garnered significant support from big-dollar donors. Notable fundraisers included a Hamptons event hosted by Cantor Fitzgerald CEO Howard Lutnick, raising $15 million, and an Aspen fundraiser attended by prominent figures such as Warren Lichtenstein and Larry Mizel. Upcoming fundraisers for Trump’s campaign include events hosted by David Sacks and former Georgia Senator Kelly Loeffler.

As the presidential race intensifies, Trump’s campaign continues to strategize for the increasingly competitive election season, with both candidates vying for crucial battleground state support.