The race for the Republican nomination in the 2024 presidential election continues to heat up. Two major contenders, former President Donald Trump and Florida Governor Ron DeSantis, are preparing to duke it out on the national stage.
While Trump’s popularity among Republicans remains strong, DeSantis has been making waves with his fundraising prowess even though he has yet to announce his candidacy. The governor is setting records for donations in the Sunshine State. In this article, we will examine why DeSantis’ ability to raise money may be the key factor in defeating Trump in the Republican primaries.
The question is: What matters more, endorsements or cash?
Former president Donald Trump is gaining support from Republican elected officials as he pushes for their endorsement ahead of the 2024 presidential race. Trump has consolidated support among high-profile Republicans in early primary states through a targeted charm offensive and using his lead in the polls to garner support. The former president is leveraging Manhattan District Attorney Alvin Bragg’s politically-motivated effort to prosecute him to cement his primacy in the GOP.
Trump’s team has presented extensive polling to would-be endorsers and argued, “We’re going to win, so you should be with us now,” according to the Washington Post. However, the former president’s path to the nomination still faces considerable challenges.
Nevertheless, many prominent Republicans have publicly endorsed Trump – especially in Florida, which could be problematic for DeSantis. “Trump has certainly moved forward, and it looks like DeSantis is stagnant,” Sen. Lindsey Graham (R-SC) told the Post.
Team Trump plans to gather even more high-profile endorsements and tout the nods he receives on the campaign trail. A Trump adviser told the Post that when the former president makes a campaign stop, they “want to roll out endorsements and show strength.”
FiveThirtyEight reported that Trump obtained seven of Florida’s federal lawmakers’ endorsements and referred to it as “a dominant show of support in the home state of Trump’s presumed main rival for the nomination.”
The report continued:
Trump’s Florida endorsement haul is impressive not only for 2024; it’s impressive by historical standards too. According to FiveThirtyEight’s historical database of endorsements in presidential primaries, Trump’s 11 congressional endorsements from Florida are the most for any presidential candidate from a rival’s home state at this point in the primary calendar since at least 1972 (excluding primaries in which an incumbent president was running for reelection).
On the other hand, Florida Governor Ron DeSantis has a significant advantage over his potential Republican presidential rivals: his campaign boasts a considerable war chest of over $110 million in total – double the amount that Trump has amassed, which is $18 million. This figure does not include the money he could transfer from his Friends of Ron DeSantis state reelection account, which has over $80 million in leftover funds, to his federal PAC.
The amount of money DeSantis has at his disposal far exceeds the cash balances of most other Republican contenders and dwarfs even that of former President Donald Trump’s super PAC, MAGA Inc., which reported $55 million in available funds as of the end of 2022. Even more noteworthy is the fact that he has raised such a substantial sum of money despite not having even opened an official campaign committee account.
His status as Florida’s governor also serves as a financial advantage since the Republican Party of Florida has shelled out $3 million to his campaign and continues to post impressive fundraising numbers. DeSantis has also cultivated relationships with wealthy donors, such as Robert Bigelow, who gave $10 million to DeSantis’ gubernatorial account, and Wall Street billionaire Jeff Yass, who gave $2.6 million to DeSantis’ state campaign in February.
When DeSantis does announce his intention to run, he will likely have even more donors pouring money into his coffers. “If DeSantis gets in, he’s going to have a huge amount of momentum and I think the donor class and the [fund]raiser class are going to be with him,” said Roy Bailey, a Texas fundraiser told Politico.
So what matters more?
Trump’s endorsements may help to discredit any potential challengers, including DeSantis. If Trump can secure endorsements from key Republican figures in crucial states, it could make it more difficult for DeSantis to gain traction and build support. It may also make it easier for Trump to secure more funding for his campaign to combat DeSantis’ war chest. These factors could ultimately help Trump secure the Republican nomination and win the presidency in 2024.
However, DeSantis’ funding could enable him to garner enough support with the base to mount an effective challenge to Trump, who is currently leading him by a considerable margin in the polling. DeSantis’ fundraising efforts are essential because they allow him to build a robust campaign operation. Running for president is an expensive endeavor, and having ample funds allows candidates to invest in staffing, advertising, and outreach efforts.
With the amount of money DeSantis has already raised, he can build a well-funded and well-organized campaign that can compete with Trump’s massive base of support. Additionally, having a large war chest means that DeSantis can potentially outspend Trump in certain key primary states, which could be a significant advantage in a crowded primary field.
In the end, money is king when running a political campaign. This means DeSantis’ war chest will likely benefit him more than Trump’s endorsements will bolster his campaign. The governor will be able to pay for a formidable campaign with the amount of money he will raise. Indeed, the fact that he is amassing so much in donations could also send the message to primary voters that he is worth supporting.
Still, DeSantis’ considerable funding might not be enough to get the Republican nomination even with the advantage it brings him. Trump remains popular with the base, many of whom wish to see him serve a second term in office. The former president is far ahead in the polls. The governor must do more to defeat Trump than simply outspending him if he wants to get the GOP nod.
