Both the Republican and Democratic sides of the 2024 presidential race have hundreds of millions of dollars at their disposal in the race for the White House, but now that President Joe Biden has stepped down from his reelection campaign, the money picture may soon change altogether.
What does it mean for his campaign money now that Biden left the race? And how much money does he even have in the first place?
Here’s what you need to know:
It depends on who the new Democratic nominee is, says Saurav Ghosh, the director of federal campaign finance reform at the Campaign Legal Center.
The simplest option from a campaign finance standpoint would be to nominate Vice President Kamala Harris, because “if Harris remains on the ticket, as either the presidential or vice-presidential candidate, the new ticket would maintain access to all the funds in the campaign committee,” says Ghosh.
This is “[b]ecause Biden and Vice President Harris share a campaign committee,” Ghosh says. Harris now appears on the statement of candidacy and statement of organization for the committee, which has refiled with the Federal Election Commission as Harris For President.
However, if a new Democratic ticket did not include Biden or Harris, then things would become “more........