Biden clinches Democratic presidential nomination

"It was an honor to compete alongside one of the most talented groups of candidates the Democratic party has ever fielded - and I am proud to say that we are going into this general election a united party," Biden said in a statement emailed to reporters shortly after the AP's declaration. "I am going to spend every day between now and November 3rd fighting to earn the votes of Americans all across this great country so that, together, we can win the battle for the soul of this nation, and make sure that as we rebuild our economy, everyone comes along."

Because all of his opponents had dropped out, Biden was already considered his party's presumptive nominee. His campaign has already signed on to joint fundraising agreements with the Democratic National Committee - something the party was unwilling to do while Sanders was still in the race.

Every major Democratic super PAC has already lined up behind Biden, as well. Several - including Priorities USA, which the Biden campaign has deemed the leading outside group - did so even before Sanders exited the race, declaring Biden the likely nominee at a time when he was running away with a string of contests that made his nomination look increasingly assured.

Biden still cannot use general election funds until he is formally named the nominee at the August convention in Milwaukee. But the campaign has significantly slowed its spending in the midst of the coronavirus pandemic, even as his fundraising increases.

Biden and the DNC collectively raised $60.5 million in April, the last month for which public data is available, pulling close to even with what President Donald Trump and the Republican National Committee had raised that month.

But Trump and his formidable reelection fundraising machine have significantly more money in the bank going into the general election.

At the end of April, the Trump campaign said its collective reelection efforts had $255 million in cash on hand. Public campaign finance filings showed Biden and the DNC had about $97.5 million in cash on hand.

Both parties will be required to report their May finance activities later this month