Shortly following President Joe Biden’s announcement that he will not pursue re-election, the Democratic Party has seen a remarkable surge in fundraising, collecting $100 million over the past two days. This impressive figure comes from ActBlue, a prominent fundraising platform for Democratic causes, which has been tracking donations since 2004.
On a standout day, donors contributed an outstanding $66.9 million on Sunday, coinciding with the launch of Vice President Kamala Harris’s presidential campaign. This marks the most successful fundraising day of the current 2024 cycle for ActBlue, surpassing previous records, including a peak during the 2020 presidential debate. As of now, ActBlue has raised a staggering $14 billion since its inception two decades ago, a figure that highlights the growing support for Democratic initiatives.
The fundraising momentum has also carried over to other Democratic-aligned organizations. Future Forward, a super PAC aligned with Biden, quickly secured $150 million in commitments from major donors following the announcement, while Swing Left reported raising over $160,000 in just 24 hours. This showcases a renewed vigor among Democratic contributors who are keen to support Harris’s campaign.
Furthermore, notable figures in finance and politics, such as Roger Altman and the Soros family, have publicly pledged their support for Harris, indicating strong backing within elite donor circles. Historically, Biden has experienced fundraising spikes in response to significant political events, like after debates or legal challenges faced by opponents.
As the 2024 election cycle gears up, these fundraising numbers signal a robust enthusiasm among Democratic supporters, particularly in light of the upcoming campaign. The increasing number of new small-dollar donors reflects a grassroots movement that could prove influential in shaping the future of the party.
In summary, the current fundraising success of the Democratic Party, highlighted by significant contributions from a diverse coalition of donors, bodes well for the campaign ahead. With strong financial support and grassroots backing, Democrats aim for a dynamic and competitive election season.