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Photo: MANDEL NGAN/AFP via Getty Images

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.

Go deeper

House committee subpoenas Pompeo for records on Biden investigations

Photo: Greg Nash-Pool/Getty Images

Rep. Eliot Engel (D-N.Y.), the chairman of the House Foreign Affairs Committee, on Friday subpoenaed Secretary of State Mike Pompeo for records related to the State Department's involvement in attempts to link former Vice President Joe Biden to corruption in Ukraine.

Why it matters: Engel alleges that Pompeo has turned over similar documents to Senate Republicans but not House Democrats and claims that he "has turned the State Department into an arm of the Trump campaign" by using its resources to attempt to investigate Biden.

Collins helps contractor before pro-Susan PAC gets donation

Sen. Susan Collins during her reelection campaign. Photo: Scott Eisen/Getty Images

A PAC backing Sen. Susan Collins in her high-stakes reelection campaign received $150,000 from an entity linked to the wife of a defense contractor whose firm Collins helped land a federal contract, new public records show.

Why it matters: The executive, Martin Kao of Honolulu, leaned heavily on his political connections to boost his business, federal prosecutors say in an ongoing criminal case against him. The donation linked to Kao was veiled until last week.

How cutting GOP corporate cash could backfire

Illustration: Aïda Amer/Axios

Companies pulling back on political donations, particularly to members of Congress who voted against certifying President Biden's election win, could inadvertently push Republicans to embrace their party's rightward fringe.

Why it matters: Scores of corporate PACs have paused, scaled back or entirely abandoned their political giving programs. While designed to distance those companies from events that coincided with this month's deadly siege on the U.S. Capitol, research suggests the moves could actually empower the far-right.