Just one day after President Joe Biden announced he would not be seeking re-election, the Democratic Party marked a significant fundraising milestone, raising $100 million through its primary fundraising platform, ActBlue. This substantial amount, gathered over a two-day period, highlights the party’s robust financial backing as they look ahead to the upcoming elections.
On a single day, donors contributed an impressive $66.9 million to support Vice President Kamala Harris’s newly launched presidential campaign, making it the most successful fundraising day in the current 2024 election cycle. This event outpaced previous significant fundraising days, including the one observed during the first presidential debate between Biden and Trump in September 2020.
Additionally, ActBlue reached a remarkable $14 billion in total cash raised since its inception two decades ago. In contrast, WinRed, the Republican counterpart that started in late 2019, has raised approximately $4.3 billion. ActBlue emphasized a surge of new small-dollar donors joining the grassroots movement, portraying a hopeful picture of increasing public engagement and participation in the political process.
In the wake of Biden’s announcement, the Biden-aligned super PAC, Future Forward, reported garnering $150 million in new commitments from major donors. Swing Left, which is backing the eventual Democratic nominee, also reported raising over $160,000 in just 24 hours.
Financial experts, such as Evercore founder Roger Altman, have expressed confidence in Harris’s campaign prospects, indicating robust support from Democratic mega-donors, including prominent figures like George and Alex Soros.
Historically, Biden has experienced significant fundraising boosts following public controversies, as seen after his debate losses and Trump’s legal troubles. In contrast to earlier fundraising efforts, Democratic groups are now gaining momentum, with pro-Biden initiatives accumulating $332.4 million between April and June, compared to $431.2 million for their Trump-supporting counterparts.
This surge in fundraising signals a strong foundation for the upcoming elections, suggesting that the Democratic Party remains poised to mobilize its resources effectively and engage a broader base of supporters. The influx of new donors could indicate a revitalization of civic engagement, setting an encouraging tone as the country prepares for what will be a highly contested electoral season ahead.