Elizabeth Warren raises $24.6 million in third quarter

Democratic presidential contender Warren outlines proposed 'lobbying' tax

Democratic presidential contender Warren outlines proposed 'lobbying' tax

Warren's momentum in the polls, in which she has emerged as a front-runner alongside former Vice President Joe Biden, has been mirrored by a continued rise in small dollar fundraising.

Asked Thursday during a campaign stop in California how she could compete with Trump's massive war chest if she reaches the general election, Warren touted her "grassroots movement" and highlighted "that's going to be our comparative advantage to win in November 2020".

"Grassroots fund-raising is a measure of grassroots support, and it's no accident that Warren and Sanders are leading the pack", said Stephanie Taylor, the cofounder of the Progressive Change Campaign Committee, which has endorsed Warren. Pete Buttigieg, who has mixed small donors with conventional fundraisers, raised $19.1 million.

Fundraising numbers are closely watched to assess whether campaigns are collecting the cash needed to be competitive.

Tuesday was the first day campaigns could announce their third-quarter numbers, but they have until October 15 to file their fundraising reports with the Federal Election Commission.

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Sanders and Warren's combined fundraising total of almost $50 million over the last three months-all without holding big-money fundraisers-was hailed by progressives as a forceful demonstration of the power of grassroots organizing and bold policy ideas. She brought in only $6 million during a disappointing first quarter, then jumped to $19.1 million in the second before a breakout summer that saw her outpace Biden by more than $9 million.

Grassroots donations are fueling the largest amounts raised by candidates in the Democratic president primary campaign.

Earlier this year, Warren went a step farther than her rivals who have mostly refused to take money from corporate lobbyists, and swore off conducting high-dollar fundraisers. But since, she has relied nearly entirely on online donations.

Last week, for example, her campaign said it would be spending at least $10 million on advertising and hiring more staffers in primary states that vote in March. Warren hired the largest staff out the gate, amassing a sizable payroll. The majority of those donors - 300,000 - gave to Warren for the first time during that period, Lau said, for an average contribution of $26.

Campaign manager Roger Lau, in an email to supporters, said more than 500,000 people made more than 940,000 contributions to the campaign during the third quarter.

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