Just a day after President Joe Biden announced he would not seek re-election, the Democratic Party saw a remarkable surge in fundraising, amassing $100 million from donors via its primary fundraising platform, ActBlue. This achievement, logged over a brief two-day period, highlights the dynamic and responsive nature of grassroots support within the party.
On a standout day for fundraising, Sunday, contributions to Vice President Kamala Harris’s newly launched presidential campaign totaled $66.9 million, marking a record-setting day in the current 2024 campaign cycle for ActBlue. This level of fundraising outpaced previous high points, including the notable day of September 30, 2020, during the first presidential debate between Biden and Trump.
This spike in donations coincides with ActBlue reaching an impressive milestone, having raised $14 billion since its inception 20 years ago. In comparison, its Republican equivalent, WinRed, has raised approximately $4.3 billion since its launch in late 2019, according to data from OpenSecrets.
ActBlue’s statement on social media conveyed excitement about the influx of first-time donors, emphasizing the ongoing growth of grassroots movements. Factors contributing to this financial surge include a significant commitment of $150 million from major donors to Future Forward, a super PAC aligned with Biden, and the successful raising of over $160,000 by Swing Left to support the eventual Democratic nominee.
Democratic benefactors, including high-profile figures like George and Alex Soros, have also expressed their support for Harris, indicating strong financial backing for her campaign. This momentum suggests that the Democratic Party is gearing up for a robust electoral push, despite the recent announcements.
Historically, post-campaign announcements have resulted in notable spikes in fundraising for Biden. Following high-stakes moments, such as debates and significant events involving Trump, Biden’s campaign previously had notable fundraising successes. As of now, the financial landscape is looking favorable for the Democrats, supporting the ongoing efforts to maintain momentum as the 2024 elections approach.
In summary, the events signal a potent combination of grassroots enthusiasm and substantial financial backing, painting a hopeful picture for the Democratic party as they launch into the competitive landscape of the upcoming presidential election.