A look at who’s blowing through their cash

There are fewer than six months to go until 2024 voters begin casting their primary and caucus ballots, but already some candidates are splurging.

Second quarter fundraising filings with the Federal Election Commission made public Saturday have shed new light on how the various campaigns are deploying their war chests.

Former President Donald Trump’s campaign has spent more than anyone in the race from either party, shelling out some $9.1 million — nearly half his intake for the period spanning from April 1 to June 30.

The 77-year-old’s second quarter spending to fundraising “burn rate” of 51% is around the upper echelon of the 2024 pack, but is far from the highest.

Sen. Tim Scott (R-SC) claimed the highest “burn rate” among GOPers of 114%, despite entering the race fewer than two months ago.

Scott’s spending spree appears to coincide with an uptick in his polling, with his average support going from 0.8% back in April to 3% in the latest RealClearPolitics aggregate.

Scott entered the fray with over $20 million in the bank thanks to a transfer from his Senate re-election campaign committee and has the second-highest level of cash on hand of all the contenders, including President Biden.

Only Trump’s $22.5 million war chest surpasses Scott’s $21.1 million mountain of cash. Biden’s cash on hand figure stands at $20.1 million.

Entrepreneur Vivek Ramaswamy has a burn rate of about 105%, the second highest in the Republican field. The 37-year-old has been buoyed by significant loans he’s given to his campaign.

Ramaswamy is followed on the burn rate standings by North Dakota Gov. Doug Burgum (67%), Trump, former US Ambassador to the United Nations Nikki Haley (49%), Florida Gov. Ron DeSantis (39%), former Arkansas Gov. Asa Hutchinson (33%), talk radio host Larry Elder (20%), former Texas Congressman Will Hurd (10%), and Miami Mayor Francis Suarez (6%)

Former New Jersey Gov. Chris Christie and former Vice President Mike Pence have among the lowest burn rates of the Republican contenders, clocking in at 4% and 6%, respectively.

Pence raised eyebrows last week when his campaign announced a second quarter haul of just $1.2 million, significantly below that of his lower-polling peers such as Scott — and calling into question whether he would qualify for next month’s first primary debate in Milwaukee.

Among Democrats, Biden had the lowest burn rate of 6%, while bestselling author and spiritual guru Marianne Williamson had the highest at 122%. Williamson’s campaign has reportedly been mired by staff turnover and internal turbulence as polls show environmental lawyer Robert F. Kennedy Jr. has overtaken her in the far-left insurgent lane.

Republican contenders must attain at least 40,000 unique donors to make the debate stage, in addition to hitting key polling metrics.

Democrats, on the other hand, are set to go without a debate, with Biden holding the White House and far in front of Kennedy and Williamson in the polls.

Based on their fundraising performance and other factors, some candidates already appear to be recalibrating their campaign operations.

Florida Gov. Ron DeSantis’s campaign, for instance, recently shed roughly a dozen staffers in a self-described bid to make its operation more nimble. That came on the heels of its exorbitant haul that topped both Trump and Biden.

None of these figures account for money raised by joint fundraising committees or Super PACs