Mike Pence is facing significant debt as his campaign fundraising struggles to keep up. Can he hold his own in the race for President?
Pence’s Campaign Finances in Trouble
Pence is puttering along in the 2024 presidential race, trailing behind his opponents in campaign assets.
He reportedly only has $1.2 million for his campaign and has amassed over $620,000 in debt.
Can Pence Keep Up With Opponents?
Running behind his opponents in the presidential race, Pence’s struggle is reflected financially.
In order to qualify to stay in the race and participate in future debates, he will have to raise enough funds, and right now it is unclear whether he has done so.
A Tenacious Campaign
It appears Pence has no intentions of backing down, though.
Despite allies suggesting he run for a Senate seat in Indiana rather than try to run for President, Pence is still angling for the Oval Office.
Supporters for Pence on the Decline
Whether he has any chance of reaching it is the question.
His supporters seem to be dwindling in number; he addressed a ballroom of Republicans last weekend in New Hampshire that had less than half the number of attendees that were there for Nikki Haley, Ron DeSantis, and Vivek Ramaswamy.
Not Giving up Yet, Pence Supports Himself
“I’m very optimistic about the future because I have faith,” Pence told his audience in Nashua. Pence himself has given $150,000 of his own funds to the campaign.
Campaign Debt a Sign of Impending Failure
It is not unusual for candidates to amass debt during the campaign process, but it is rarely a good indicator for success.
Other candidates who have reported similar amounts of debt have experienced quickly failing presidential bids.
Not All Funds Are Currently Usable
Experts agree that this could spell trouble for Pence’s campaign.
Some of the funds raised are only able to be used later for the general election because donors had exceeded their allowances at the time of the gifts.
Other Republicans Faring Much Better Financially
In the third quarter, Pence will report a total of $3.3 million raised.
For comparison, opponent Nikki Haley raised $11 million and Ron DeSantis raised $15 million in the same timeframe. Donald Trump’s campaign says it raised $45.5 million in the third quarter.
Biden’s Numbers Double Trump’s
Meanwhile, the Democrats are doing better financially, with Biden blazing ahead of his Republican counterparts, having raised a whopping $71.3 million in the third quarter.
Is This the End of Pence’s Campaign?
Historically, going into the kind of debt that the former Vice President is dealing with has been seen as a warning sign for presidential campaigns. If Pence follows suit, it may mean his campaign is on its last legs.
History Repeating Itself
When then-Governor Scott Walker was running for President in 2015, he reported similar figures around this time in his election cycle. He then quickly ended his campaign, and it took a year for Walker to pay off the $1.2 million he had gathered in debt.
Debate Requirements Daunting for Struggling Fundraisers
In order to participate in the third debate, the Republican National Committee requires that each candidate have 70,000 donors. Pence’s team has not confirmed whether they have reached that number ahead of November 8th’s debate.
Pence’s Platform No Longer Attractive to Republicans
Perhaps Pence’s platform is holding him back: his focus on “traditional conservative values” has positioned him opposite Donald Trump, whose supporters are vast in number and influence.
Former Running Mate May Have Sealed the Deal
Some think the turn away from such traditional values has to do with Trump’s influence on the Republican party.
At this time, Pence is trailing behind his opponents, taking fifth place in the polls.
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