Democratic Party Donations Increase by 60 Billion Won After Biden Resignation

Election Campaign Fundraising Gains Momentum

As U.S. President Joe Biden withdrew from the Democratic presidential race and Vice President Kamala Harris rapidly emerged as the Democratic nominee, donations to the Democratic Party began to increase.

According to NBC News, just hours after President Biden decided to withdraw and officially endorsed Vice President Harris as the Democratic presidential candidate, donors large and small started opening their wallets for the Democratic Party.

Democratic fundraising site ActBlue reported that small donors contributed $46.7 million (approximately 64.8 billion KRW) by 9 p.m. Eastern Time on that day alone. This is the highest amount ever raised by ActBlue in a single day. In the first quarter of this year, ActBlue raised $460 million, which averages to about $5 million per day.

NBC analyzed that even more donations are expected to come in. Chris Korg, the finance director of the Biden Victory Fund (BVF), said, "The floodgates will open," adding, "People who had held back on donating will now contribute."

According to him, calls have been coming in all day from people moved by President Biden's decision to withdraw, some of whom even cried. He added, "Major donors are very welcoming of President Biden's support for (Harris). I believe a wave of donations will follow."