Mike Pence’s 2024 presidential campaign is encountering a significant financial challenge, which could potentially pose an existential threat. According to a statement provided to NBC News, the campaign is expected to disclose a fundraising amount of $3.3 million in the third quarter. However, they have $1.2 million in available cash while carrying a debt of $620,000. Notably, Mike Pence contributed $150,000 from his personal finances to support the campaign.
The figures associated with Pence’s campaign depict a significant financial challenge, placing it on an entirely distinct economic footing compared to his competitors. These statistics give rise to uncertainties regarding his capacity to remain competitive in the GOP primaries. Accumulating debt, in particular, has traditionally indicated trouble for presidential campaigns and the possibility of imminent termination.
The recent GOP presidential primary season presents a foreboding comparison to a moment eight years ago. Back in 2015, then-Wisconsin Governor Scott Walker’s campaign had slightly less than $1 million in available funds and a debt of $161,000 at the close of the third quarter, which corresponds to this stage in the election cycle. It’s worth noting that he decided to withdraw from the race at that point.
The subsequent financial report submitted by Walker’s halted campaign vividly illustrated the speed at which situations could deteriorate. This report, which encompassed the last quarter of 2015, revealed that his campaign was grappling with a debt exceeding $1.2 million. It required a full year for Walker to secure the necessary funds to clear this debt.
In the current year, Pence’s financial situation is less favorable when compared to his peers with whom he previously worked in Washington. Former U.N. Ambassador Nikki Haley’s campaign reported having $9.1 million available for the 2024 primaries at the close of the third quarter.
Florida Governor Ron DeSantis’ campaign, on the other hand, stated they have accumulated $5 million. Senator Tim Scott of South Carolina, while actively spending, entered his 2024 campaign with a robust federal campaign fund that he had built up over his years in the Senate.
In contrast, the campaign of former President Donald Trump has declared that it possesses nearly $36 million ready for the 2024 primaries. It’s important to note that these numbers are provided by the campaigns themselves and cannot be confirmed independently until the Federal Election Commission receives their official reports, which are expected to be filed by the end of Sunday.
At the same time, Pence’s campaign is constrained by the $1.2 million in available funds. Notably, a minimum of $200,000 of this sum is not immediately usable during the primary season. According to an analysis conducted by NBC News based on his second-quarter financial report, this portion is earmarked for the general election and comes from donors who had already contributed the maximum allowed for the primary campaign.