Major contributors to the Democratic party have decided to halt their donations amounting to approximately $90 million to the primary pro-Biden super PAC. They have chosen to withhold their financial support unless the president withdraws from the election, as reported by the New York Times on Friday.
Donors have put a hold on several donations in the tens of millions of dollars that they had previously committed to the Future Forward PAC, which is the main super PAC endorsed by the Biden campaign. This decision comes amidst concerns that the president’s position leading up to the November election is particularly vulnerable, according to two sources familiar with the matter who spoke to the NYT. Furthermore, Democratic donors are considering redirecting their funds away from the presidential election and towards down-ballot races, in an effort to mitigate what they perceive as an increasingly probable loss in the race for the White House.
“I think that the dam has broken and that more and more people will come out publicly,” long-time Democratic donor Whitney Tilson said in early July. “There is basically no — almost no support remaining for him as a candidate.”
n the aftermath of the June 27 presidential debate, during which President Joe Biden displayed signs of disorientation and difficulty in articulating his thoughts, 19 Democratic lawmakers and several progressive commentators have urged the president to withdraw from the election race, as reported by The New York Times. Furthermore, there are indications that Biden’s reelection team is exploring alternative options, as the campaign is said to be assessing Vice President Kamala Harris’ potential as a candidate against Trump, as per the New York Post.
“He needs to drop out,” one Biden campaign official told NBC News. “He will never recover from this.”
Biden’s campaign finance operation suffered a setback after former President Donald Trump’s campaign surpassed the president’s fundraising lead in May. Trump and the Republican National Committee had $171 million in cash on hand, while the Biden campaign and the Democratic National Convention held just $157 million, as reported by The Hill.
The primary super PAC supporting Trump, MAGA Inc., had $93.7 million in cash reserves in May, while Future Forward PAC had a slightly smaller war chest of $92.3 million, according to Federal Election Commission records. However, much of the funds taken in by MAGA Inc. are being used to cover Trump’s legal expenses, as reported by CNN.
One Future Forward advisor told the NYT that they believe the donations will return once the current uncertainty regarding the Democratic presidential ticket is resolved. The PAC has announced $250 million in advertisement reservations following the Democratic National Convention in August.
Despite mounting pressure, the president has repeatedly asserted that he will not drop out. “I am firmly committed to staying in this race, to running this race to the end, and to beating Donald Trump,” Biden announced Monday.
