Biden and Democratic allies raise $264 million in second quarter

U.S. President Joe Biden's campaign and its Democratic allies raised $264 million in the second quarter, including $127 million in June and a record "grassroots" fundraising haul on the day of Biden's disastrous debate against Donald Trump, Biden's campaign said.

The Democratic president's re-election effort has $240 million in cash on hand, the campaign said.

Biden's team is eager to show fundraising strength after the president's poor debate performance, which prompted calls from some Democrats for him to step aside as the party's presidential candidate.

Biden's team held difficult phone calls on Sunday and Monday with important campaign funders who questioned whether the 81-year-old Democrat should stay in the presidential race after his poor debate performance.

Thursday was the best day of fundraising from small-dollar donors of the campaign, followed by Friday, when concern about the debate was causing waves of panic through Democratic circles.