Just a day after President Joe Biden announced he will not run for re-election, the Democratic Party reported a remarkable fundraising surge, pulling in $100 million through its primary fundraising platform, ActBlue. This impressive sum was gathered over just two days, highlighting the sustained enthusiasm among Democratic supporters.
On Sunday alone, donors contributed a staggering $66.9 million to kick off Vice President Kamala Harris’s presidential campaign, making it the highest single-day fundraising effort in the lead-up to the 2024 election for ActBlue. The previous peak was noted during the presidential debate on September 30, 2020, when both Biden and Trump faced off.
The recent fundraising boom has pushed ActBlue’s total raised since its inception to over $14 billion. In contrast, WinRed, the fundraising platform for Republican candidates, has collected approximately $4.3 billion since it launched in late 2019. ActBlue celebrated this surge, sharing on social media that many contributors were making their initial donations, which they described as inspiring for grassroots movements.
Following Biden’s announcement, the super PAC Future Forward, aligned with Biden, saw an influx of $150 million in new commitments from major donors. Swing Left, dedicated to supporting the Democratic nominee, reported raising over $160,000 within just a day after the announcement.
Financial experts believe Harris’s campaign will be robustly financed, with endorsements from notable Democratic donors such as George and Alex Soros. Historically, Biden has experienced notable fundraising spikes, including after key events like debates and Trump’s legal challenges.
While Biden and his affiliated groups raised $332.4 million from April to June, pro-Trump organizations garnered $431.2 million during the same period. As the 2024 election cycle progresses, the financial dynamics illustrate a highly competitive political landscape.
This surge in fundraising could signal a renewed energy among Democratic voters in response to significant political developments. As more individuals join the movement through small-dollar donations, it indicates a strengthening grassroots base moving into the election season.
Overall, this situation reflects the fluctuating nature of political fundraising, often influenced by pivotal moments and shifts in campaign strategies, setting the stage for an engaging and competitive election year ahead.