Biden Backs Harris, Sparks Major Fundraising Surge for Democrats

The Democratic financial machinery is roaring back to life following a significant turning point in the presidential campaign. President Joe Biden‘s remarkable decision to step aside and endorse Vice President Kamala Harris has led to a surge in fundraising, both from small and large donors.

Just hours after Biden’s announcement, ActBlue — the primary online donation processing platform for Democrats — reported an astounding $46.7 million in small-dollar donations by 9 p.m. Eastern. This marked ActBlue’s most successful fundraising day of the year, and there were still hours left to raise even more.

Brian Fallon, the spokesperson for Harris’s campaign, commented on how Biden’s endorsement energized the donor base. The resounding support not only included small-dollar contributions but also promises from major donors eager to contribute once again. Chris Korge, finance chair for the Biden Victory Fund, spoke to NBC News about the palpable excitement in the community of donors. “The floodgates will open,” he predicted.

Donors had previously hesitated in making contributions due to uncertainty within the party’s overall re-election strategy. Korge shared that he received countless calls throughout the day from major patrons who were deeply moved by Biden’s decision, many of whom expressed their emotions openly, even shedding tears.

“People are emotional because they knew how hard it was to make this decision after doing an incredible job,” Korge remarked. He believes that Biden’s endorsement will lead to an unprecedented wave of donations coming the Democratic Party’s way.

News about Harris’s campaign launch quickly spread across social media, with ActBlue revealing that grassroots supporters contributed over $27.5 million within the first five hours of her candidacy announcement. The enthusiasm from the base is evident, and it stands as a crucial moment for the Democratic Party.

As the hours progressed, ActBlue’s campaign updates reflected a skyrocketing daily total, culminating in $46.7 million by the evening. This impressive figure is among the largest single-day fundraising totals in ActBlue’s history.

The moment comes in the wake of a tumultuous period for Biden’s re-election initiatives, particularly following the June 27 debate, where major donors had significantly pulled back on funding. Concerns about Biden’s viability as a candidate surged, leading to a decline in grassroots contributions, making it increasingly difficult for the campaign to compete with former President Donald Trump, who had been experiencing substantial fundraising success.

Trump’s campaign has been bolstered by robust online donations, particularly following his criminal conviction in New York. Recent financial disclosures indicate that Trump’s campaign, alongside the Republican National Committee, had outpaced Biden and the Democratic National Committee in terms of cash reserves.

In light of Biden’s endorsement of Harris, significant Democratic donors are shifting their perspectives. Joe Cotchett, a prominent bundler in the San Francisco Bay Area, noted an immediate change in donor sentiment. “Donors are now ready to dig into their pockets,” he stated.

John Morgan, a well-known trial attorney and Biden supporter, anticipates a surge in small-dollar contributions but expressed his own hesitance by stepping down from the campaign’s national finance committee. “You have to be enthusiastic to ask friends for money,” Morgan explained, emphasizing the importance of invigorated donor commitment.

Another notable Democratic donor, Gideon Stein, president of the Moriah Fund, had previously paused his contributions to Biden due to worries over electability. Following Biden’s endorsement, however, he expressed renewed confidence, stating, “We will definitely resume our funding focus on the top of the ticket.” Stein had earlier earmarked $3.5 million for various political and non-profit entities tied to the presidential race.

Justin Day, an influential Democratic fundraiser working in Florida, is optimistic that Harris’s rise to the forefront of the ticket will draw several previously disengaged donors back into active participation. “I have already heard from a number of donors who have not participated this cycle who have reached out to tell me they are all in,” Day noted, highlighting a renewed focus among Democrats on winning against Trump.

Trump himself reacted to the developments with visible frustration, particularly as resources spent targeting Biden now seem moot. In a statement, Trump lamented, “So, we are forced to spend time and money on fighting Crooked Joe Biden,” suggesting that the Republican Party should receive a refund for the expenditures that are no longer relevant.

Biden’s decision to step aside and endorse Harris not only reshapes the Democratic primary landscape but also significantly recalibrates campaign strategies moving forward. This unexpected shift could potentially rally the party’s diverse factions and reinvigorate the fundraising machine just in time for the pre-election push against a well-resourced Trump campaign.

As the political landscape evolves, all eyes will remain on Harris as she takes on the challenge of unifying the Democratic base while also preparing to square off against a formidable opponent in the upcoming election.