Democrats Surge Fundraising After Biden’s Exit: What’s Next?

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

According to a live tracker managed by Ryan Murphy of The Marshall Project, ActBlue collected this impressive amount over the past two days. While this tally is unofficial and based on ActBlue’s comprehensive donation data since 2004, it offers insight into the organization’s fundraising performance ahead of required disclosures.

On Sunday, donors contributed $66.9 million to kickstart Vice President Kamala Harris’s presidential campaign, marking the strongest fundraising day in the lead-up to the 2024 election for ActBlue. The previous record for donations was set on September 30, 2020, during the first presidential debate between Biden and Trump.

With the recent surge in contributions, ActBlue has now raised a total of $14 billion since its inception two decades ago. In contrast, its Republican counterpart, WinRed, which started in late 2019, has raised approximately $4.3 billion.

ActBlue shared on X, formerly known as Twitter, that many donors reported making their first-ever contributions in the past 24 hours. The organization expressed excitement about welcoming new small-dollar donors into the grassroots movement.

Additionally, Future Forward, a super PAC aligned with Biden, secured $150 million in new commitments from major donors within 24 hours following Biden’s announcement and his endorsement of Harris. Swing Left, which initiated a fund to support the eventual Democratic nominee, reported raising over $160,000 in just one day.

Evercore founder Roger Altman commented that Harris’s campaign will be “very well financed” and has expressed his support for her. Major Democratic donors, George and Alex Soros, have also pledged their backing to Harris.

Biden’s previous highest fundraising days occurred after significant events, including a televised debate on June 27 when he raised about $28 million in a day. Following Trump’s conviction on 34 felony counts, Biden raised $19.2 million, whereas Trump and his affiliates raised $69 million in the immediate days after his conviction.

From April to June, pro-Biden groups collected $332.4 million, while pro-Trump groups raised $431.2 million, according to reports. By the end of June, Biden had $281 million in hand, compared to Trump’s $336.2 million.

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