In the wake of President Joe Biden’s announcement that he will not pursue re-election, the Democratic Party has experienced an impressive fundraising surge. Over just two days, they have amassed $100 million through ActBlue, a prominent fundraising platform for Democratic causes. Ryan Murphy, a developer affiliated with The Marshall Project, has been tracking these donations, which provide an early glimpse into the fundraising momentum as it precedes the formal disclosure requirements.
On a particularly notable day, ActBlue reported contributions of $66.9 million on Sunday alone, coinciding with the kickoff of Vice President Kamala Harris’s presidential campaign. This strong showing marks the highest one-day fundraising total in the ongoing 2024 election cycle for the platform. Comparatively, the previous benchmark was set during the first presidential debate between Biden and Trump in September 2020.
ActBlue has now reached a significant milestone, having raised a total of $14 billion since its inception two decades ago. In contrast, WinRed, its Republican counterpart launched in late 2019, has garnered approximately $4.3 billion.
The platform has noted an influx of first-time donors, showcasing an expanding grassroots movement. Future Forward, a super PAC aligned with Biden, secured $150 million in new commitments shortly after his announcement, while the organization Swing Left reported raising over $160,000 within a day of Biden’s endorsement of Harris.
Key figures in the Democratic fundraising landscape have expressed strong support for Harris’s campaign, including Roger Altman, founder of Evercore, and notable Democratic donors, George and Alex Soros.
Historically, Biden’s most successful fundraising efforts have often been catalyzed by significant political events, including those surrounding his debates with Trump. In a broader perspective, pro-Biden and pro-Trump groups have engaged in intense financial competition, reflecting the charged atmosphere leading up to the 2024 election.
This wave of support not only energizes the Democratic base but also illustrates the potential for newfound enthusiasm among voters. With an increasing number of small-dollar donations coming in, there is a hopeful outlook for grassroots involvement and engagement as the political landscape evolves.
In summary, President Biden’s decision not to run for re-election has unexpectedly invigorated fundraising efforts for the Democratic Party, with significant contributions flowing to support Kamala Harris’s campaign and showcasing a robust commitment from both grassroots and major donors.