Trump spent more than he raised for second month in a row

Donald Trump’s campaign spent more than it raised for the second month in a row as the Republican nominee struggles to keep pace with Democrat Kamala Harris’ robust fundraising operation.

Trump’s campaign said it raised $160 million in September and entered October — and the final, expensive 35 days of the election season — with $283 million cash on hand. That’s about $30 million more than Trump had at this point in 2020 when his team was facing financial woes and canceling key advertising buys.

The Republican presidential nominee spent $12 million more than he raised last month, after drawing down cash reserves by $32 million in August.

The GOP ticket has run a less costly campaign than the Democrats, with less staff, fewer field offices and a smaller advertising budget. But after Harris replaced President Joe Biden as her party’s nominee in July, Trump began depleting some of his financial resources as his campaign recalibrated to face an opponent with more momentum.

Harris, who has not released her latest fundraising totals, had $109 million more than Trump at the start of September. The financial advantage has allowed Harris to swamp her opponent on the airwaves. In September, she spent $192 million on advertising, more than double the $72 million Trump spent, according to AdImpact.

Harris’ fundraising juggernaut continues to bring in fresh cash. The Democrat raised $55 million at a pair of California donor events the last weekend of September. Trump on Wednesday was slated to attend two high-dollar fundraisers in Texas.

Trump’s allies have downplayed the significance of Harris’ fundraising prowess, saying they long expected Democrats to bring in more donor cash than them.

The campaign in a statement Wednesday said it had exceeded its internal benchmarks and continued to enjoy support from its grassroots donor base, with nearly 2.5 million donations coming in amounts less than $200. The average donation size was $60, according to the campaign.

“These supporters have allowed us to bank the funds we need as we move into the campaign’s final weeks,” Trump campaign senior adviser Brian Hughes said in a statement.

Trump and Harris are required to file a series of detailed financial disclosures with the Federal Election Commission starting on October 15.

Across the seven battleground states that will decide the election, Harris led Trump at the end of September by 3 percentage points among likely voters, a Bloomberg News/Morning Consult poll of swing states shows, widening her lead from a month prior.

Big-Dollar Donors

While Trump has fallen behind in raising money for his campaign, outside groups backed by big donors have rallied to his cause. A super PAC started by Elon Musk has spent $71 million backing the Republican nominee, mostly on canvassing and field operations to get out the vote.

Preserve America, a group funded by Miriam Adelson, the largest shareholder of Las Vegas Sands, spent $30 million on ads in September, and Make America Great Again Inc., Trump’s preferred super PAC that’s gotten $125 million from investor Timothy Mellon, spent $58 million.

But the outside spending hasn’t made up the gap. Harris and her allied super PACs spent $115 million more than the Trump-allied groups.