Democrats Shatter Fundraising Records Following Biden’s Exit

Just a day after President Joe Biden announced he would not run for re-election, the Democratic Party raised $100 million from donors through its primary fundraising platform, ActBlue.

ActBlue, a political action committee that supports Democratic groups, reported this significant sum over the past two days, as tracked by Ryan Murphy, a developer at The Marshall Project. While the total is not officially verified, it illustrates the group’s fundraising momentum shortly before any mandatory disclosure reports are due.

On Sunday alone, donations surged to $66.9 million in support of Vice President Kamala Harris’s presidential campaign launch, marking the largest single-day fundraising event in the 2024 election cycle for ActBlue. The second-largest fundraising day in recent times was recorded on September 30, 2020, during the first presidential debate between Biden and Trump.

This recent influx of contributions helped ActBlue surpass $14 billion in total funds raised since its inception two decades ago. In contrast, WinRed, the Republican fundraising platform established in late 2019, has collected approximately $4.3 billion to date.

In a statement on X, formerly known as Twitter, ActBlue highlighted the excitement among new donors, noting, “We’ve seen so many folks saying they made their first ever donation in the last 24 hours! It’s so motivating to see new small-dollar donors join the grassroots movement!”

In addition to ActBlue’s success, Future Forward, a super PAC aligned with Biden, secured $150 million in new commitments from major donors within 24 hours of Biden’s announcement and Harris’s endorsement. Swing Left reported raising over $160,000 in the same timeframe.

Evercore founder Roger Altman expressed confidence in Harris’s campaign, stating it would be “very well financed.” Prominent Democratic donors, George and Alex Soros, have also shown their support for her candidacy.

Historically, Biden’s strongest fundraising days have followed major campaign events. After a notable debate loss to Trump on June 27, Biden and his affiliated committees raised approximately $28 million in the subsequent days. Following Trump’s recent conviction on 34 felony counts, Biden raised $19.2 million in the days that followed, while Trump and his affiliates raised $69 million in the same timeframe, causing a temporary crash of his campaign website. In total, pro-Biden groups raised $332.4 million from April to June, compared to $431.2 million for Trump’s supporters, according to The Financial Times. By the end of June, Biden had $281 million in available funds, while Trump had $336.2 million.

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