Tracking the 2020 Democratic Presidential Money Race

Published: July 16, 2019, 9:30 AM EDT | Updated: February 21, 2020, 12:00 AM EST

Bernie Sanders’s army of grassroots donors gave him his best month of fundraising in January, but two self-financing billionaires, Michael Bloomberg and Tom Steyer, poured far more money into their campaigns. Pete Buttigieg and Elizabeth Warren both went for broke, spending twice as much as they raised, while Joe Biden and Amy Klobuchar picked up the pace of their fundraising.

Campaigns burned through their money in January ahead of the early nominating contests, playing for big finishes in Iowa or New Hampshire. Whether they write $2,800 checks or contribute a couple of bucks online, donors flock to winners. Here’s a look at how campaigns were raising money and how much they were spending in January, based on the candidate’s latest filings with the Federal Election Commission.

Michael Bloomberg is the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News.

How Much They Raised and Spent

Itemized (>$200)

Unitemized (<$200)

Self-financing

Transfers from other committees

Other

Spending

Note: Monthly data are represented by bars one-third the width of quarterly data

Former South Bend, Ind. Mayor Pete Buttigieg had a fundraising slump in January, but it didn’t prevent him from winning the most delegates in Iowa’s convoluted caucus result. Vermont Senator Bernie Sanders retained his place as the top fundraiser among Democrats and entered February with more money in the bank than his competitors who aren’t paying for their campaigns with their personal fortunes. Among those candidates, Massachusetts Senator Elizabeth Warren, who personally guaranteed a $400,000 loan to her campaign, had one of the biggest budgets while Minnesota Senator Amy Klobuchar operated on the smallest. Former New York Mayor Michael Bloomberg, who’s not competing in early contests, moved up in national polls thanks to his all-time record spending.

Buttigieg’s January fundraising slump was due in part to a big decline in small-dollar donor support from 2019, while Sanders’s surge was powered by them. Having little support from contributors who give small amounts can indicate a lack of grassroots excitement for a candidate, or it can mean a candidate isn’t courting them. Bloomberg is not accepting any donations for his campaign.

Proportion of Small Donors

Contributions by donors who’ve given in aggregate $200 or less

Big spending billionaires Bloomberg and hedge-fund founder Tom Steyer are pouring unprecedented amounts of money into their campaigns, giving Democrats a big financial edge over President Donald Trump’s re-election effort. But team red, unified behind Trump, has been a fundraising juggernaut since he was elected and has raised far more than his Democratic challengers who need donors to finance their campaigns. The Democrats, for the most part, are spending money competing against one another to win the nomination, while Trump is already focused on the general election. Super-PACs Priorities USA and Pacronym are running negative ads against Trump in battleground states, and Bloomberg says he’s building infrastructure for November as well.

Tracking the 2020 Democratic Presidential Money Race

How Much They Raised and Spent

How Democrats and Republicans Stack Up in the Money Chase

Proportion of Small Donors