In a surprising turn of events, just a day after President Joe Biden announced he would not pursue re-election, the Democratic Party experienced an impressive influx of financial support, raising $100 million through its primary fundraising platform. ActBlue, the political action committee responsible for supporting Democratic initiatives, recorded this remarkable figure over the past two days. While this tally is not in official terms—being based on a live tracker managed by Ryan Murphy from The Marshall Project—it does represent a significant glimpse into the Democrats’ fundraising momentum ahead of mandatory disclosures.
On the day of the announcement, an astounding $66.9 million was donated to Vice President Kamala Harris’s presidential campaign, marking not just a milestone for her but also setting the record for the largest single fundraising day in the 2024 election cycle thus far. The previous record was established back on September 30, 2020, coinciding with the first presidential debate between Biden and Trump.
This surge brought ActBlue’s total contributions to $14 billion since its inception two decades ago. In contrast, WinRed, the Republican fundraising platform, has raised roughly $4.3 billion since it started operating in 2019, showcasing the considerable fundraising advantage the Democrats currently enjoy.
Accompanying this significant financial turnout, ActBlue reported an influx of first-time donors within the past day, which reflects a revitalization of grassroots engagement among supporters of the Democratic cause. Future Forward, a super PAC aligned with Biden, garnered $150 million in new commitments from major donors immediately following Biden’s announcement and endorsement of Harris. Additionally, Swing Left raised over $160,000 in just 24 hours for the eventual Democratic nominee.
Prominent donors like Roger Altman and the Soros family have expressed their backing for Harris, indicating strong financial backing for her campaign moving forward. Comparatively, Biden previously raised $28 million just after facing off against Trump in a debate in June, further highlighting the volatility and dynamism of political fundraising.
In the broader context, the last few months have seen a competitive fundraising landscape, with pro-Biden groups collecting $332.4 million and pro-Trump groups raising $431.2 million between April and June. Despite the challenges, as of late June, Biden’s campaign retained $281 million, just shy of Trump’s $336.2 million.
This new wave of funding and support serves to highlight the flexibility and resilience of the Democratic Party. As they rally around their new frontrunner in Kamala Harris, there remains a strong sense of optimism within the ranks for a competitive 2024 election cycle. The enthusiasm demonstrated by donors suggests a reinvigorated base ready to engage and contribute, potentially paving the way for a successful campaign ahead.
Summary: Following President Biden’s announcement to forgo re-election, the Democratic Party raised an impressive $100 million within two days through ActBlue, demonstrating strong grassroots support. Vice President Harris received $66.9 million on her campaign launch day, setting a record for 2024 fundraising. Major contributions from donors indicate a revitalized momentum heading into the election cycle, despite past challenges faced by the Biden camp.