Just a day after President Joe Biden announced that he would not run for re-election, the Democratic Party saw a remarkable uptick in donations, totaling $100 million through its primary fundraising platform, ActBlue. This impressive amount was recorded over a span of just two days, highlighting the party’s strong fundraising capabilities in the wake of Biden’s announcement.
On Sunday alone, contributions to Vice President Kamala Harris’s presidential campaign reached an astonishing $66.9 million, marking the most successful fundraising day for ActBlue in the 2024 election cycle. This surpasses previous notable fundraising days, including one on September 30, 2020, coinciding with the first presidential debate between Biden and Donald Trump.
The surge in donations has been pivotal, pushing ActBlue’s total amount raised since its inception nearly two decades ago to $14 billion. In comparison, WinRed, a Republican fundraising platform established in late 2019, has amassed around $4.3 billion in donations.
The enthusiasm among new donors was palpable, as ActBlue reported a significant number of individuals had made their first-ever donations following Biden’s announcement. This influx of grassroots support is encouraging for the future of Democratic fundraising.
Within 24 hours of Biden’s announcement and his endorsement of Harris, the super PAC Future Forward secured $150 million in new commitments from major donors. Additionally, the organization Swing Left reported raising over $160,000 in the same time frame to assist the eventual Democratic nominee.
Evercore founder Roger Altman expressed confidence in Harris’s campaign, asserting that it would be well-financed, with support also coming from prominent Democratic donors like George and Alex Soros.
In the past, Biden’s most successful fundraising efforts have typically coincided with pivotal moments, such as being showcased during high-profile debates or after significant legal developments involving Donald Trump. The competitive fundraising landscape over recent months reveals the ongoing rivalry between pro-Biden and pro-Trump groups, with Biden’s campaign raising $332.4 million between April and June, while Trump’s groups garnered $431.2 million.
This surge of support for Harris and the Democratic Party not only highlights the resilience of their fundraising mechanism but also signifies a mobilization of both seasoned and new donors. As the political landscape evolves ahead of the 2024 elections, the momentum displayed in recent days could prove vital for the campaigns and the party’s overall strategy.
In conclusion, despite the challenges, the Democratic Party is rallying support and showcasing a strong commitment to its candidates as they prepare for the upcoming election cycle, indicating a dynamic political landscape that remains full of possibilities.