Kamala Harris is smashing fundraising records as the Democratic Party’s donors — big and small — open their wallets for the vice president in the immediate aftermath of President Joe Biden’s stunning decision to step aside.
In total, Harris’ team raised more than $81 million in the 24-hour period since Biden’s announcement, campaign spokesperson Kevin Munoz said Monday.
The massive haul, which includes money raised across the campaign, the Democratic National Committee and joint fundraising committees, represents the largest 24-hour sum reported by either side in the 2024 campaign. Harris’ campaign said it was the largest single-day total in U.S. history.
“The historic outpouring of support for Vice President Harris represents exactly the kind of grassroots energy and enthusiasm that wins elections,” Munoz said.
Hours earlier, Future Forward, the largest super PAC in Democratic politics, announced it had secured US$150 million in commitments over the same period from donors who were “previously stalled, uncertain or uncommitted,” a senior adviser said.
Taken together, the fundraising explosion puts Harris in a dominant position to secure the Democratic Party’s formal presidential nomination at next month’s national convention — if not sooner. The donor class’s embrace comes as she locks up endorsements from the vast majority of Democratic governors and members of Congress.
The huge haul also ensures that Harris and her allies can compete with Donald Trump, who has generated stunning fundraising totals of his own in recent weeks as he fights to return to the White House following multiple felony convictions and an assassination attempt.
“This is the next generation people have been waiting for,” Michael Kempner, a member of Biden’s national finance team, said of Harris’ emergence. “The donors I’ve spoken to are enthusiastic about supporting her. And even those that may have preferred an open convention have quickly coalesced around her overnight.”
Harris’ initial 24-hour fundraising total easily bested the US$50 million Trump raised immediately after felony convictions and the US$38 million Biden secured over the four days that followed last month’s disastrous debate performance. The Trump campaign has not said how much it raised immediately after last weekend’s assassination attempt; a spokesman didn’t respond to a request Monday.
Overall, the Harris campaign said 888,000 grassroots donors made donations over the previous 24 hours; more than 500,000 were making their first contribution of the 2024 campaign cycle.
And while there are a few vocal holdouts among the party’s elite donor class, most appear to be lining up behind Harris as they mobilize to help capitalize on her newfound momentum.
At least two major donor calls were scheduled by Harris allies Monday, while the Democratic National Committee was set to host another major donor call in the middle of the week.
Most big-dollar donors wanted Biden to step aside, as did the majority of rank-and-file Democratic voters. And on Monday, there was a palpable sense of relief and excitement among those who feared Biden would not choose to step aside, despite overwhelming concerns about his physical and mental strength.
“It was a cliffhanger. Nobody really knew what was happening,” said Michael Smith, an Los Angeles donor who, along with his partner James Costos, held numerous fundraisers for Biden. “Now it’s a new game. And in a TikTok-influenced world, the campaign ahead is going to be short, dynamic and reenergizing.”
Not everyone was happy.
Democratic donor Vinod Khosla, a tech billionaire, said on social media that he isn’t ready to back Harris immediately.
“I want an open process at the convention and not a coronation,” he posted on X. “The key still is who can best beat (Trump) above all other priorities given how much a danger he is.”
John Morgan, another major Democratic donor, indicated he would not raise any more money for Harris if she becomes the nominee, having already given US$1 million to Biden.
“You have to be enthusiastic or hoping for a political appointment to be asking friends for money. I am neither. It’s others’ turn now,” Morgan posted on X.
Such critics appeared to be in the minority Monday.
Chad Griffin, a member of the campaign’s national finance committee and a top Democratic fundraiser in the Los Angeles area, said the party is lucky to have Harris “ready to finish the job she and President Biden started together.”
“She’s the trusted, tested leader we need to carry us to victory in November,” he said in a statement. “I am all in to elect Kamala Harris our next President of the United States.”
With Biden’s endorsement, Harris’ campaign appears to have inherited his sprawling national infrastructure and tens of millions of dollars that his team previously raised. At the end of June, the Biden-Harris campaign reported nearly US$96 million cash in the bank, according to a filing with the Federal Election Commission.
On Sunday, the Biden-Harris campaign filed new paperwork with the FEC establishing Harris as the principal candidate. There is some debate among campaign finance officials over whether Harris now has complete control of the funds, although few expect any serious legal challenges.
Meanwhile, Harris’ campaign sent out a new flurry of fundraising emails and text messages Monday.
“Now is our chance to make history,” Harris declared in one text message asking donors for US$20.
–AP writers Brian Slodysko and Christopher Megerian in Washington contributed.