Just a day after President Joe Biden announced he would not run for re-election, the Democratic Party made a remarkable fundraising achievement, raising $100 million from donors via its primary fundraising platform, ActBlue. This amount was logged over the span of just two days, as indicated by a live tracker created by Ryan Murphy of The Marshall Project. While this figure is not official and is derived from ActBlue’s own extensive tracking since its inception in 2004, it does shed light on the recent fundraising developments ahead of formal disclosures.
On Sunday alone, the day after Biden’s announcement, donations surged to $66.9 million for the launch of Vice President Kamala Harris’s presidential campaign, marking the most prolific fundraising day in the current electoral cycle for ActBlue. The previous high for fundraising activity came on September 30, 2020, during the first presidential debate between Biden and Trump.
The significant outpouring of financial support on Sunday also helped ActBlue surpass an impressive milestone of $14 billion raised since its establishment two decades ago. In contrast, WinRed, the Republican fundraising platform that began in late 2019, has managed to accumulate approximately $4.3 billion so far, as reported by OpenSecrets.
ActBlue highlighted the enthusiasm among the new contributors, stating on social media that many individuals made their first donations in the wake of Biden’s announcement, showcasing a growing grassroots movement. Additionally, the Biden-aligned super PAC Future Forward reportedly secured $150 million in new commitments from major donors within 24 hours following Biden’s endorsement of Harris, while Swing Left managed to raise more than $160,000 in the same timeframe.
Investor Roger Altman expressed confidence that Harris’s campaign would be “very well financed,” with significant backing from notable Democratic donors, including George and Alex Soros.
In a broader context, Biden’s previous fundraising peaks were notably after major political events, including a debate loss to Trump on June 27, where he raised about $28 million within 24 hours, as well as after Trump faced legal challenges that led to a notable spike in contributions for both candidates in recent months.
Despite the competitive fundraising landscape, with both pro-Biden and pro-Trump groups attracting substantial donations, Democratic fundraising efforts have shown resilience with the recent influx of support. This momentum could pave the way for an invigorated campaign season ahead, as new donors align themselves with the Democratic cause, highlighting ongoing interest and engagement among voters.
In summary, the Democratic Party is experiencing a wave of financial support that could significantly bolster their campaign efforts, providing a strong foundation for the upcoming electoral challenges. This surge following Biden’s announcement reflects the capability for rapid mobilization within the party, which is crucial as they navigate the 2024 election landscape.