The 2024 presidential race is projected to be the costliest election cycle ever

This image includes Biden and Trump head to head.
Photo courtesy of MGN.

By Meghan Boucher

The 2024 presidential election cycle is expected to be the most expensive election in U.S. history. According to AdImpact, a political spending tracker, this year’s election cycle is expected to exceed $10 billion dollars, a nearly 13% increase from the 2020 election. 

OpenSecrets reported President Joe Biden and former President Donald Trump have already raised $578.6 million in election funds combined. The Biden campaign has currently garnered about $195 million with Trump’s campaign having raised $120 million. 

However, according to OpenSecrets’ executive director, Sheila Krumholz, not only has this election cycle seen an increase in overall political expenditures, but also in outside spending. The Biden campaign currently stands with $110 million in outside money and Trump at $120 million. 

And while it is still early on in the election cycle Krumholz said, “If trends hold with what we’re seeing in outside spending, we’re easily on record-setting outside spending pace — in which case, those predictions of record-breaking political ad spending seem totally reasonable to me.”

Within the past week the Biden campaign has demonstrated commitment to investments in advertisement and fundraisers. On  Monday a $50 million ad campaign was announced following a fundraiser in Los Angeles which raised nearly $30 million. This maintains the Biden campaign’s lead over the Trump campaign in terms of fundraising. 

While the amounts fundraised between the campaigns differ, the two presidential candidates remain closely tied in the polls and are set to meet at the first presidential debate on June 27.