The New York Times reported Friday that major Democratic donors have suspended contributions totaling about $90 million to the largest super PACs supporting Biden, choosing to hold onto their money unless the president withdraws from the race.
Donors have frozen multiple eight-figure contributions they had pledged to Future Forward PAC, the Biden campaign's flagship super PAC, amid concerns that the president is in an extremely vulnerable position ahead of the November election, according to two people familiar with the situation. Said NYT.
Democratic donors are also planning to stop funding the presidential race and redirect their money to lower-ranking races in preparation for what they see as an increasingly likely loss in the race for the White House.
“I think the dam is breaking and more and more people are coming out publicly,” longtime Democratic donor Whitney Tilson said in early July. “There's basically very little support left for him as a candidate.”(Related article: Soros heir calls on Democrats to support Biden as pressure grows to oust him)
Weeks after the June 27 presidential debate, in which President Joe Biden appeared disoriented and struggled to deliver his remarks, 19 Democrats and many liberal commentators have called on him to drop out of the race. according to According to the NYT, even Biden's reelection strategy appears to be under investigation, with the presidential campaign reportedly testing Vice President Kamala Harris to see if she can stand up to Trump. according to In the New York Post.
'He should step aside,' says Biden campaign official Said NBC News. “He'll never recover.”
US President Joe Biden speaks during an Independence Day event on the South Lawn of the White House (Photo by Samuel Corum/Getty Images)
The blow to Biden's campaign finances comes after former President Donald Trump's campaign took the president's fundraising lead in May. The latest campaign finance reports showed that Trump and the Republican National Committee had $171 million in cash, while the Biden campaign and the Democratic National Convention had just $157 million, The Hill reported. report.
The main super PAC supporting Trump is MAGA Inc.had cash reserves of $93.7 million as of May, Future Advancement PAC MAGA Inc. has raised a somewhat smaller amount, $92.3 million, according to Federal Election Commission records, but much of the money it has raised has gone to Trump's legal costs. according to To CNN.
A Future Forward adviser told The New York Times that donations would likely return once the current uncertainty over the Democratic presidential nominee is resolved. The PAC announced $250 million in ad bookings after the Democratic National Convention in August.
Despite mounting pressure, the president has repeatedly insisted he will not back down.
“I am determined to remain in this race, fight to the end, and defeat Donald Trump,” Biden said in a statement. letter to Democratic lawmakers on Monday.
Future Forward PAC could not be reached for comment.
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