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Joe Biden in West Mifflin, Pennsylvania, on Aug. 31. Photo: Saul Loeb/AFP via Getty Images

Joe Biden's campaign, the Democratic National Committee and their joint fundraising committees together raised $364.5 million in the month of August, his campaign announced Wednesday.

Why it matters: The total is believed to be the most ever raised by a presidential candidate in a single month, likely driven in part by Biden's announcement on Aug. 11 that he had tapped Sen. Kamala Harris to be his running mate, according to the New York Times.

By the numbers: $205 million, or 57% of the total, was raised from online, small-dollar donations, according to the campaign. More than 1.5 million Americans contributed last month for the first time.

  • Biden's campaign announced in early August it raised $26 million in the 24 hours after the Harris selection.
  • The campaign added that it raised roughly $70 million during the four-day virtual Democratic National Convention in mid-August.
  • Biden's campaign brought in a $140 million haul in July.

Context: Trump and Hillary Clinton raised $90 million and $143 million, respectively, in August 2016.

  • Trump and the Republican National Committee raised $165 million in July, and his campaign said it raised $76 million during last week's GOP convention.

Between the lines: Biden’s massive haul reflects how energized Democrats are heading into the general election against President Trump.

  • The nature of the pandemic has allowed Biden, and now Harris, to host virtual fundraisers almost daily.
  • These allow for even more donors to “attend,” which has helped the campaign rake in cash quickly. (For example, a virtual fundraiser with Biden, House Speaker Pelosi and singer Carole King had 892 attendees, per the campaign.)

What they're saying: "Last month we raised $364.5 million — 95% of the donations from grassroots supporters like you and the majority online," Biden tweeted. "Working people are powering our campaign — and I’m grateful. We’ve got a long way to go to close the fundraising gap and win — but we can do it. Together."

This story is developing. Please check back for updates.

Go deeper

Dan Primack, author of Pro Rata
Dec 9, 2020 - Technology

Airbnb valued at $47 billion in IPO

Illustration: Sarah Grillo/Axios

Airbnb on Wednesday raised $3.5 billion in its IPO at a fully diluted valuation of around $47.3 billion, and will begin trading Thursday on the Nasdaq under ticker symbol ABNB.

Why it matters: This is the culmination of a remarkable rebound for the hospitality giant, which many counted out once the pandemic began its rampage.

House passes government funding, debt ceiling bill

Speaker Nancy Pelosi. Photo by Kevin Dietsch/Getty Images

The House passed a bill on Tuesday to fund the government through early December, along with a measure to raise the debt ceiling through December 2022.

Why it matters: The stopgap measure, which needs to be passed to avoid a government shutdown when funding expires on Sept. 30, faces a difficult journey in the Senate where at least ten Republicans would need to vote in favor.

3 hours ago - Politics & Policy

The Democrats' debt dilemma

Illustration: Aïda Amer/Axios

Democrats find themselves in a political and potentially catastrophic economic quagmire as Republicans stand firm on denying them any help in raising the federal debt ceiling.

Why it matters: The Democrats are technically right — the debt comes, in part, from past spending by President Trump and his predecessors, not only President Biden's new big-ticket programs. But Senate Minority Leader Mitch McConnell (R-Ky.) is saddling them with the public relations challenge of making that distinction during next year's crucial midterms.