Former Senate President Steve Sweeney raised over $200,000 during his first twenty days as a candidate for the 2025 Democratic gubernatorial nomination.
Sweeney announced his candidacy on December 11, giving him a short window to raise money by the December 31 cutoff. The holiday season is traditionally the most difficult time of year to solicit contributions to his statewide campaign.
While few doubt Sweeney’s fundraising prowess, eyes will be on him in April after he completes his first full quarter as a candidate for governor.
Jersey City Mayor Steve Fulop joined the race for governor last April, and by October had raised $3 million, enough to qualify for a full match under New Jersey’s public financing law. Fulop reached the maximum amount needed to qualify for matching funds faster than any gubernatorial candidate in New Jersey history.
New Jersey offers $2 for every $1 raised, with the primary and general elections including a spending cap.
Sweeney has likely met the public financing deductible — it was $156,000 in 2021, but the New Jersey Election Law Enforcement Commission has not yet set the amount, or contribution limits – for 2024. That might not happen until December 15.
There is no limit on how much money a super PAC allied with a candidate can raise or spend. Fulop’s super PAC, Coalition for Progress, has $7.3 million in the bank.
Sweeney’s old State Senate campaign account still had $360,880 cash-on-hand as of September 30, 2023. Those funds can’t be used for Sweeney’s bid to become governor except for a minimal amount.
With minimal startup costs and early overhead, most of the $200,000 remains in Sweeney’s warchest.
The fourth quarter fundraising reports will be filed with ELEC by January 16. That’s when his early donors will be identified.
Sweeney began his political career in 1996 when he was elected to the Gloucester County Board of Freeholders and served for thirteen years. He won a State Senate seat in 2001, ousting 28-year incumbent Raymond Zane, who had switched parties to avoid facing Sweeney in the Democratic primary.
In 2008, he became the Senate Majority Leader, and two years later outmaneuvered Richard Codey to become the Senate President. He unexpectedly lost his Senate seat to Republican Ed Durr in 2021.
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