Shortly after President Joe Biden announced he would not seek re-election, the Democratic Party experienced a remarkable surge in funds, raising $100 million through ActBlue, a key fundraising platform for Democratic campaigns. This significant amount was recorded within just two days, underscoring the heightened interest and mobilization among donors in response to the recent political developments.
On Sunday alone, a staggering $66.9 million was raised to kick off Vice President Kamala Harris’s presidential campaign, marking the largest single-day fundraising effort in the current election cycle for ActBlue. This is notable not only for the sheer amount but also for its timing, occurring just after Biden’s announcement, which has invigorated Democratic supporters. The previous high for ActBlue’s fundraising activity was recorded on September 30, 2020, coinciding with the first presidential debate between Biden and Trump.
The latest financial milestone is indicative of a broader trend: since its inception nearly two decades ago, ActBlue has raised a total of $14 billion, dwarfing its Republican counterpart, WinRed, which has collected around $4.3 billion since its launch in 2019.
In addition to ActBlue’s fundraising success, political action committees aligned with Biden, such as Future Forward, reported receiving $150 million in commitments from significant donors within 24 hours of Biden’s announcement backing Harris. Swing Left contributed to the momentum by raising over $160,000 within the same timeframe, further illustrating the invigorated financial support for Democratic initiatives.
Comments from ActBlue highlight the excitement within grassroots movements, as the organization shared that many new donors were engaging for the first time, a sign that the campaign is resonating with a wider audience. Prominent Democratic megadonors, including George and Alex Soros, have also pledged their support to Harris’s campaign, indicating confidence in her candidacy.
While fundraising figures have shown competitive dynamics between Biden and Trump in the past — with Biden raising $28 million shortly after a debate defeat and Trump amassing substantial donations following his own legal issues — the recent developments signal a robust and financially backed push for the Democratic campaign fronted by Harris.
This sudden wave of donations could signify a shift in momentum for Democrats as they gear up for the upcoming election cycle, showcasing a reinvigorated base eager to support their candidates. As the political landscape evolves, the Democratic Party may well be positioned to harness this financial momentum to bolster their campaign efforts.