(NewsNation) — More than $1 billion could be spent on the 2024 election cycle by November.
The money that will be spent sending candidates to Washington will equal or surpass the gross domestic product of at least a dozen small countries like Samoa, Turks and Caicos and Micronesia.
The political advertising tracking firm Ad Impact estimates that $10.2 billion will be spent on advertising, including everything from broadcast TV, cable TV, radio and social media.
President Joe Biden raised $97 million in the last quarter of 2023 and entered the New Year with just shy of $120 million in his war chest.
Q4 numbers from former President Donald Trump are unknown at the moment but the Trump campaign raised $45 million. His campaign also came into Q4 with $37 million in cash on hand.
Nikki Haley had a big cash infusion this week, thanks in part to comments made by her opponent, Donald Trump. The Haley campaign said Thursday that they raised $2.6 million in the 48 hours after Trump threatened to permanently bar anyone who contributed to her campaign from the “MAGA camp.”
Haley’s team quickly responded by putting the comment on shirts to raise money for her campaign. Haley pulled in $24 million in the final quarter of 2023 before Trump’s comments.