In the wake of President Joe Biden’s announcement that he would not run for re-election, the Democratic Party experienced a remarkable fundraising surge, amassing $100 million through ActBlue, its primary political fundraising platform, within just two days. This impressive figure came as a surprise, highlighting a robust interest among Democratic donors in light of Vice President Kamala Harris’s campaign launch.
On Sunday alone, donations totaled $66.9 million, marking the highest single-day fundraising effort in the 2024 election cycle for ActBlue. This surpasses previous notable fundraising days, such as the time of the first Biden-Trump debate in September 2020. Overall, since its inception two decades ago, ActBlue has raised an astounding $14 billion, in stark contrast to its Republican counterpart, WinRed, which has generated approximately $4.3 billion since its launch in late 2019.
ActBlue expressed excitement over the influx of new donors, stating that many individuals made their first-ever donations in the last 24 hours, underscoring the grassroots enthusiasm surrounding this election. Additionally, the Biden-aligned super PAC Future Forward secured $150 million from major contributors immediately following Biden’s announcement and Harris’s endorsement. Swing Left also received over $160,000 in just 24 hours in support of the eventual Democratic nominee.
With backing from influential donors such as Roger Altman and the Soros family, Harris’s campaign is positioned to be well-financed moving forward. Historical context indicates that Biden has had formidable fundraising days previously, especially following key events related to his competition with Trump.
This surge in donations indicates a strong commitment from Democratic supporters as they rally around Harris’s campaign, illustrating that even in times of uncertainty, political engagement can galvanize a significant response.
In summary, Biden’s recent decision has inadvertently mobilized a wave of financial support for the Democratic Party, showcasing the resilience and active participation within its supporter base. As the campaign progresses, this momentum could play a crucial role in shaping the political landscape for the upcoming elections.
The positive aspect of this situation is that the increased fundraising reflects a vibrant and engaged Democratic constituency, poised to contribute actively to the upcoming political contests.