Following President Joe Biden’s announcement that he will not run for re-election, there has been a remarkable surge in fundraising by the Democratic Party. In the span of just two days, Democrats attracted $100 million through ActBlue, their main fundraising platform, according to data tracked by Ryan Murphy of The Marshall Project.
On a particularly notable day, Sunday, donors contributed a staggering $66.9 million to support Vice President Kamala Harris’s new presidential campaign. This marked the most successful fundraising day in the current 2024 election cycle for ActBlue, outperforming other significant fundraising days in recent history, including one during the first presidential debate between Biden and Trump in September 2020.
With this recent influx of donations, ActBlue has crossed a significant milestone, totaling $14 billion raised since its inception two decades ago. In contrast, WinRed, the equivalent platform for Republican donations which launched in 2019, has collected around $4.3 billion.
ActBlue expressed excitement over the growing participation from first-time donors through social media, underscoring the grassroots momentum building behind the Democratic movement. Additionally, Major donor organizations have responded positively, with Future Forward, a super PAC aligned with Biden, reportedly receiving $150 million in new commitments after Biden’s announcement, while Swing Left raised over $160,000 in the same timeframe.
Prominent figures in the Democratic fundraising arena, such as Roger Altman, along with mega-donors like George and Alex Soros, have pledged their support for Harris’s campaign, indicating strong financial backing moving forward.
Historically, Biden has seen spikes in fundraising following significant political events, such as debates and legal challenges faced by his opponents, which enforces the idea that pivotal moments can drive donor engagement and contributions.
In essence, while Biden may be stepping back from the race, the Democratic Party appears to be galvanized and well-positioned for the upcoming electoral challenges through significant financial support and a surge in grassroots enthusiasm. This donation momentum could pave the way for a robust campaign for Harris and the Democratic agenda moving forward.
Hope lies in the fact that these donations represent a renewed energy within the Democratic base, indicating potential for strong mobilization leading up to the primaries.