Jan 31, 2024 - Politics & Policy

RFK Jr.'s presidential campaign is burning through cash

Independent Presidential candidate Robert F. Kennedy Jr. speaks during a campaign rally at Legends Event Center on December 20, 2023 in Phoenix, Arizona. (Photo by Rebecca Noble/Getty Images)

Robert F. Kennedy Jr. speaks at a campaign rally on Dec. 20 in Phoenix, Arizona. Photo: Rebecca Noble/Getty Images

Robert F. Kennedy Jr.'s presidential campaign spent more than it raised during the fourth quarter of 2023, after he ditched the Democratic primary and became an Independent candidate on Oct. 9.

Why it matters: Kennedy is burning through money fast and his cash reserves are shrinking as he seeks to sustain his campaign through November.

By the numbers: Kennedy brought in $7 million from October to December while he spent $7.7 million, according to his public filing with the Federal Elections Commission.

  • He ended the fourth quarter with $5.4 million in cash on hand, a decline from the $6.1 million in cash on hand he had at the end of September, when he was still running in the Democratic primary.
  • Of Kennedy's total fundraising haul, $1.9 million came from unitemized donations less than $200, while $5 million came from itemized donations above $200.
  • The super PAC supporting him, American Values, raised $18.5 million in the last six months of 2023, while spending $13.4 million.

Flashback: Kennedy raised almost $8.7 million and spent more than $7 million during the third quarter of 2023.

Zoom in: Democrats and Republicans have worried that Kennedy's long-shot presidential campaign could siphon off key votes in what is expected to be a razor-thin general election campaign.

  • A Politico analysis found that of the $5 million that came from donations greater than $200, about $224,000 came from donors who gave to former President Trump's 2020 campaign, while $105,000 came from donors who gave to President Biden in 2020.

Between the lines: A Harvard CAPS-Harris Poll from earlier this month found that Trump beat Biden in a hypothetical three-way race between the Kennedy and the two likely party nominees.

What to watch: Kennedy has qualified for the ballot in Utah and New Hampshire.

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