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Joe Biden's 2020 presidential campaign and the Democratic National Committee signed Friday onto a joint fundraising pact, AP reports.
Why it matters: The measure allows individual donors to contribute up to $360,600 — a huge jump from the $5,600 maximum that an individual can donate to his campaign.
- Democrats have been behind Republicans in terms of fundraising throughout the 2020 cycle due to a lengthy primary process — and the GOP and President Trump's campaign have as much as five times more cash on hand.
What they're saying: "Our goal is to ensure that we put Joe Biden in the best position possible to beat Donald Trump, and this joint fundraising agreement allows us to do just that," said the DNC's new CEO Mary Beth Cahill.
- "The DNC has built an organization that has proven it can win up and down the ballot, and that is exactly what we will do in November," she added.