Democrats Cash In: Unprecedented Fundraising Surge After Biden’s Surprise Announcement

Just one day after President Joe Biden announced he would not seek re-election, Democratic fundraising saw a remarkable surge, with $100 million raised through ActBlue, the party’s primary fundraising platform. This impressive figure reflects donations made over two days, based on a live tracker from Ryan Murphy at The Marshall Project.

On Sunday alone, $66.9 million was raised to support Vice President Kamala Harris’s presidential campaign, marking the most significant fundraising day for ActBlue in the 2024 election cycle. The previous peak was noted on September 30, 2020, during the Biden-Trump presidential debate, signaling how pivotal events can drive donor engagement.

ActBlue’s success is significant, having surpassed $14 billion in total funds raised since its inception nearly two decades ago. In comparison, WinRed, the Republican equivalent established in 2019, has collected around $4.3 billion. ActBlue also noted a surge in first-time donors joining their grassroots movement, illustrating increased enthusiasm among supporters.

Following Biden’s endorsement of Harris, the super PAC Future Forward, aligned with Biden, reported commitments of $150 million in new donations within 24 hours. Additionally, Swing Left shared it had raised over $160,000 shortly after the announcement.

Prominent Democratic financiers, including Roger Altman and George Soros, have openly expressed their support for Harris, indicating strong financial backing for her campaign.

The fundraising spikes come at a time when previous events underscored the volatile nature of political donations, evidenced by significant amounts raised following notable moments, like Biden’s debates against Trump or major legal developments for Trump.

As Democrats rally support and funding, there is a sense of renewed momentum within the party, marked by an influx of grassroots donors and an energized base as they prepare for the upcoming election. This energy may prove pivotal as the political landscape evolves in the months ahead.

In summary, the Democrats, especially in light of Biden’s announcement, have tapped into a wave of financial support, signaling a robust and potentially impactful campaign led by Harris. The increased involvement of both new and veteran donors paints an optimistic picture for the party as it gears up for the future.

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