Democrats See Fundraising Surge After Biden’s Exit: What’s Driving the Momentum?

Just one day after President Joe Biden announced he would not pursue re-election, a remarkable surge in fundraising has been reported among Democratic supporters. Over the past two days, the ActBlue platform, which serves as a primary fundraising tool for Democratic entities, amassed an impressive $100 million from donors. This amount, while not officially confirmed, is sourced from a live tracker managed by Ryan Murphy of The Marshall Project, illustrating a substantial momentum in campaign financing ahead of upcoming disclosures.

On Sunday, alone, Vice President Kamala Harris’s newly launched presidential campaign drew in $66.9 million, setting a record for the most significant fundraising day thus far in the 2024 election cycle. For reference, the previous high occurred during the first Biden-Trump debate on September 30, 2020.

This remarkable fundraising activity has also led to a landmark achievement for ActBlue, which surpassed a total of $14 billion raised since its inception two decades ago. In comparison, its Republican counterpart, WinRed, launched in late 2019, has garnered around $4.3 billion during its operation.

The news was met with enthusiasm from ActBlue, which highlighted that many contributors were making their first donations, reflecting a growing grassroots movement within the party. Additionally, other Democratic-supporting organizations have also experienced significant fundraising boosts; for instance, Future Forward saw commitments of $150 million from major donors following Biden’s announcement, while Swing Left raised over $160,000 in just one day.

Prominent financial backers, including Democratic philanthropists George and Alex Soros, have pledged their support for Harris’s campaign, indicating a strong financial foundation moving forward. This recent influx of donations highlights a revitalized commitment among Democrats to strengthen their position in the upcoming election cycle.

In summary, President Biden’s recent announcement has catalyzed a strong fundraising response among Democrats, illustrating both the party’s resilience and the potential for a vigorous campaign ahead. The enthusiasm witnessed among new donors is particularly promising, suggesting that the grassroots movement could significantly impact future elections. As support for Vice President Harris grows, it shapes the Democratic landscape with renewed hope and vigor for the upcoming election.

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