Trump campaign spent $32 million more than it raised in August

Donald Trump dug into his war chest in a bid to stem the momentum of Democratic rival Kamala Harris, drawing from his cash reserves as the presidential race shifts into its most frenzied - and expensive - stage yet.

The Republican presidential nominee ended August with $295 million in the bank, about $32 million less than he had at the start of that month. Trump raised $130 million last month - a total that falls short of the $138.7 million he raised in July for his campaign, the Republican National Committee and state parties.

While he has been running a lean operation, the drop in cash on hand portends a troubling development for a campaign that has been forced to pivot to a new general election rival after Harris replaced President Joe Biden atop the Democratic ticket.

Trump's campaign spent $64.5 million on advertising in August according to AdImpact, which tracks that data, up from $2.6 million in July, in an effort to define Harris and drive up her negatives.

Harris has yet to release fundraising figures for August. Trump and Harris are required to file monthly fundraising data with the Federal Election Commission by Sept. 20.

Harris' entry into the race has seen her seen a surge in polling numbers and fundraising. Her campaign said it raised $540 million during the stretch from Biden's exit from the race through the Democratic National Convention in August - far more than Trump raised over the same period of time. Harris started August with $377 million cash on hand - a larger war chest than her Republican opponent.

Harris's fundraising surge over her first 11 days as a candidate wiped out a $50 million cash-on-hand advantage Trump had built over Biden.

The Trump campaign and its surrogates have downplayed the significance of Harris' haul, saying they long expected Democrats to outraise them.

The campaign in a statement Wednesday said it had the resources needed to win the race and touted its fundraising abilities with smaller-dollar donors, noting that 98 per cent of donations in August were less than $200, with an average contribution of $56.

The redefined presidential race has seen Harris gain ground in polls, erasing Trump's national lead in many surveys and taking the lead in key battleground states. A Bloomberg News/Morning Consult poll from Aug. 23 to Aug. 27 found her leading 49 per cent to 47 per cent among registered voters across seven swing states.

Big-dollar donors

Trump in August received support from Cantor Fitzgerald LP Chief Executive Officer Howard Lutnick, who held a fundraiser in the Hamptons that raised $15 million. Co-hosts for the event included former hedge fund manager John Paulson and Omeed Malik, head of 1789 Capital.

Trump also attended an August fundraiser in Aspen, Colorado, where the hosts included Steel Partners Holdings LP's Warren Lichtenstein, MDC Holdings Inc.'s Larry Mizel and Rugger Management LLC's John Phelan.

Big-dollar donors have more events planned for Trump's campaign.

David Sacks of Craft Ventures LLC is hosting a Sept. 8 fundraiser in Los Angeles for Trump's running mate, Senator JD Vance. Former Georgia Senator Kelly Loeffler and Intercontinental Exchange Inc. CEO Jeffrey Sprecher are co-hosting the event.

Vance is also scheduled to attend a Sept. 12 event in New York, with co-hosts including Jacob Helberg, an adviser for Palantir Technologies Inc., who's donated $1 million to a super political action committee allied with Trump.