Just a day after President Joe Biden announced he would step back from the race for re-election, the Democratic Party demonstrated a remarkable surge in fundraising, amassing $100 million through its primary fundraising platform, ActBlue. This impressive figure, reported over just two days, comes as Biden endorsed Vice President Kamala Harris for her presidential campaign.
On Sunday alone, donations amounted to an astonishing $66.9 million, marking a historic peak in fundraising for this election cycle via ActBlue. This surpassed previous fundraising events, with the highest comparable day being during the first presidential debate between Biden and Trump in September 2020.
This spike also propelled ActBlue’s total funds raised to an impressive $14 billion since its inception two decades ago. For context, its Republican counterpart, WinRed, has garnered around $4.3 billion since its launch in late 2019.
ActBlue expressed enthusiasm about the influx of new small-dollar donors, noting that many individuals made their first contributions within the past 24 hours. This reflects a growing grassroots movement energized by recent political changes.
In addition, Future Forward, a super PAC aligned with Biden, reported garnering $150 million from major donors shortly after Biden endorsed Harris. Similarly, Swing Left announced it raised over $160,000 within 24 hours of the news.
Prominent investors are also rallying behind Harris, with financial backing notably from Democratic donors such as George and Alex Soros. This confidence from major contributors signals strong support for her campaign’s future financing.
To put the fundraising efforts of Biden and Trump into perspective, Biden had raised $282 million by the end of June, lagging slightly behind Trump’s $336.2 million. Overall, Biden’s fundraising approach remains a pivotal component of the Democrats’ strategic move moving forward, highlighting the potential for a robust campaign driven by broad grassroots support.
This scenario presents a hopeful outlook for the Democratic Party, signaling not just strong financial backing for their candidate but also an engaged base ready to contribute to the campaign’s success. The momentum suggests that while political landscapes are rapidly changing, active participation from supporters can lead to powerful shifts in the forthcoming election.