Democrats Raise Nearly $50M After Biden Withdrawal

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Facts

• In the wake of Pres. Joe Biden's announcement to withdraw from the 2024 presidential election on Sunday, the Democratic Party raised at least $50M in online donations, making it the biggest single day of fundraising for the party since the 2020 election.¹
• The campaign for Vice President Kamala Harris, who received the endorsement of Biden for the Democratic nomination, said in a statement Monday that they had received $49.6M on Sunday, with ActBlue receiving over $46M by 9:00 pm on Sunday.²
• The figures are based on the total amount of money contributed through ActBlue, a Democratic fundraising platform, and includes contributions made to presidential and state campaigns, as well as affiliated nonprofit organizations.¹
• Also on Sunday, the almost $96M in funds held by the Biden campaign was officially transferred over to Harris, with the Biden campaign changing its name to 'Harris for President' with the Federal Election Commission.³
• Sunday was one of two days in which ActBlue processed more than $50M in donations. The platform raised $73.5M on the day after Supreme Court Justice Ruth Bader Ginsburg died in Sept. 2020.¹
• Large money donors had reportedly frozen up to $90M in funding to the Biden campaign in the wake of a poorly received debate performance against former president Donald Trump, with Trump closing the fundraising gap between the two in recent weeks.⁴

Sources: ¹New York Times, ²NBC, ³Axios and ⁴The Hill.

Narratives

• Democratic narrative, as provided by The New Republic. The selfless decision by Biden to step aside for a younger candidate has breathed new life into the fight against Donald Trump. This surge of small money donations is a testament to the enthusiasm for Vice President Harris as a candidate in the general election. This is now a completely new race, and the Republicans have clearly underestimated the support Harris can garner.
• Republican narrative, as provided by Au. After party elites subverted the will of registered Democrats and ousted a sitting president from the ticket, Biden donors ought to ask for their money back. Questions of Biden's fitness to remain president notwithstanding, these numbers are no surprise given that it was the donor class that undemocratically forced Biden out. The Democrat elites are in disarray and disconnected from the populace, and the GOP is primed for a victory in November.

Predictions