US Elections 2024: How much does it cost to elect a President of the United States?

Running for president is an expensive endeavor. The sooner a candidate declares their candidacy, the higher the costs can climb. Democratic candidate Kamala Harris declared her candidacy for the 2024 polls far later in the race (July 12, 2024) as compared to Republic candidate Donald Trump (November 15, 2023) as a result of the Joe Biden resignation fiasco.

There are no restrictions on how early someone can start campaigning, nor are there limits on how much they can spend. For some candidates, expenses can reach up to $1 billion.

Traveling across the country for months and even years, funding advertisements, and paying campaign staff all contribute to the hefty price tag.

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US Presidential Election: Where to do donations come from?

Contributions or donations are the primary means of campaign funding. Political parties, charitable organizations, and political action committees often pool resources to keep campaigns running.

Since 1976, candidates have had the option to use a public financing system to fund their campaigns. Up until the 2000 elections, all presidential nominees participated in this system by accepting government funds in return for agreeing to a spending limit.

However, this system eventually lost its appeal when major candidates discovered they could often raise more money from private sources.

Federal law, though, prohibits corporations and labor unions from making direct donations to candidates or national party committees. It also imposes limits on the amount of money that individuals and political action organizations can contribute to campaigns and parties.

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US Elections: A peak into 2024 polls funds

In a little more than a month into her official race for the White House Oval Office, Harris reportedly raised $540 million, with an especial surge in funding during the Democratic National Convention. Harris’s campaign manager, Jen O’Malley Dillon said that this was in addition to the $84 million that her campaign raised specifically during the DNC week.

On the other hand, media reports state that business mogul Trump’s campaign raised around $138.7 million in July; totaling $327 million in cash on hand at the start of August. According to records with the Federal Election Commission, the Trump campaign raised $268.5 million from January, 2023 to July 31, 2024, reported Forbes.