Following President Joe Biden’s decision to step aside from the presidential race and endorse Vice President Kamala Harris, Democratic fundraising efforts surged dramatically. ActBlue, the leading Democratic online donation processor, reported receiving $46.7 million in small-dollar donations by 9 p.m. Eastern on the day of Biden’s announcement, marking its largest fundraising day of 2024. This influx of donations reflects renewed enthusiasm among both small and large donors, who had been hesitant due to uncertainty about Biden’s candidacy.
Chris Korge, finance chair for the Biden Victory Fund, noted that many major donors were emotionally moved by Biden’s decision and are now ready to contribute, predicting a “tidal wave of donations.” ActBlue highlighted the surge in grassroots support for Harris, with $27.5 million raised in the first five hours after Biden’s announcement. This financial boost comes after a period of declining donations for Biden’s campaign, exacerbated by concerns over his debate performance and overall electability.
Prominent Democratic donors and fundraisers, such as Joe Cotchett and John Morgan, expressed renewed willingness to support the campaign. The change at the top of the ticket has galvanized donors who were previously on the sidelines, focusing efforts on defeating former President Donald Trump. Trump’s reaction to the shift was one of frustration, questioning the expenditure on attacking Biden, who is no longer a candidate.
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