Joe Biden is expected to announce a historic fundraising haul of more than $310 million

Joe Biden's presidential campaign is expected to announce it raised more than $310 million in August, a record-breaking haul propelled by fundraising around the selection of California Sen. Kamala Harris as Biden's running mate and the Democratic convention.

Joe Biden's presidential campaign is expected to announce it raised more than $310 million in August, three sources familiar with the campaign's fundraising tell CNN, a record-breaking haul propelled by fundraising around the selection of California Sen. Kamala Harris as Biden's running mate and the Democratic convention.

The bulk of the haul comes from an uptick in grassroots fundraising, sources told CNN, which Democrats are taking as a sign that their base is animated by the Biden-Harris ticket and the prospect of defeating President Donald Trump in November.

Multiple Biden campaign officials declined to comment on their expected fundraising figure.

Biden entered 2020 at a substantial fundraising disadvantage to Trump, but because of a post-primary uptick in fundraising and the fact that the campaign is not spending considerable money on travel and events due to the coronavirus, the Democratic nominee has closed the gap.

Despite Trump and the Republican National Committee outraising Biden and the Democratic National Committee in July -- $165 million to $140 million -- the Democrats ended that month with $294 million in the bank, just $6 million less than the $300 million Trump and the RNC reported having on hand.

Biden's expected $310 million haul last month also dwarfs what the presidential candidates raised in August 2016, with Trump bringing in $90 million and former Secretary of State Hillary Clinton raising $143 million that month. Clinton's haul, at the time, was her campaign's fundraising record.

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