Democratic donors say money is 'drying up' if Biden doesn't quit race
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Donors are warning that the party runs the risk of losing both Congress and the White House if Biden doesn't step down.
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President Joe Biden listens during a meeting with Ukraine's President Volodymyr Zelensky on the sidelines of the NATO Summit in Washington, Thursday, July 11, 2024. (AP)
Democratic donors have expressed concern that Joe Biden's refusal to step down is "drying up" money for the November election campaign, endangering the party's chances of defeating Donald Trump.
Interviews with contributors ranging from Wall Street to Hollywood have revealed their growing readiness to withdraw from funding the campaign, which presents an existential risk to Biden's chances of winning re-election if he continues in what is predicted to be the most costly US presidential contest ever.
One New York-based Democratic donor said, “As of today, it would be very difficult to raise major donor money for the president,” adding, “It is so quickly unraveling that it is going to be extraordinarily difficult for him to stay in the race.”
Another donor involved in the Democratic party for decades said the funds were “in the process of drying up," noting, “Nine to one when I talk to other donors, they’re not planning on contributing . . . because they’re concerned about losing.”
Another Democratic fundraiser expressed it being “really hard to raise any money whatsoever” and that “since the debate, [donors] went from not being enthusiastic to now just being angry.”
Read next: Democrats in panic mode: They want Biden out, new pres. candidates in
Meanwhile, the Biden campaign said that $38 million was raised shortly after the debate last month when it also saw its greatest day of grassroots donations, claiming that the President's lackluster debate performance against Trump has not affected fundraising.
Now, several Wall Street backers are ready to exert more pressure on Biden to step down, but they expressed frustration with his unyielding stance.
A New York Democratic supporter said, “Never thought I would say this, but hoping for a big gaffe,” stating that this would coerce Democratic elders, such as Senate majority leader Chuck Schumer or South Carolina congressman Jim Clyburn, “to deliver ‘the time is up’ speech."
Donors have warned that the party runs the risk of losing both Congress and the White House if Biden doesn't step down.
The NY donor who is close to Schumer said, “The reason you haven’t seen more lawmakers going public is that they want to give Biden the space to reach the right decision on his own,” adding, “That will change if Biden stays but I’m told by very senior people that [Biden] doesn’t have his head in the sand.”
Whitney Tilson, a former fund manager and big Democratic donor, said, “I think it’d be the most exciting thing to happen in American political history . . . It would just suck the air out of the room for Trump... It’ll draw attention and energy from donors who are all sitting there not giving to anybody.”
Schumer invited senior Biden campaign officials on Thursday to brief members and address any concerns. Despite Biden's directive to lawmakers to "end" discussions about replacing him, these conversations have continued.
Rep. Nancy Pelosi openly suggested today that Biden should reconsider his decision. "It's up to the president to decide if he is going to run," Pelosi said on MSNBC's Morning Joe.
Last week, major Democratic donor and Disney family heir Abigail Disney announced that she would halt donations unless Biden steps down from the presidential elections race.
"This is realism, not disrespect," Disney told CNBC, stating, "If Biden does not step down, the Democrats will lose. Of that I am absolutely certain. The consequences for the loss will be genuinely dire."
The Presidential debate was full of traded insults between #Biden and #Trump that reached the level of body shaming and fierce competition in who got the best golf skills.#PresidentialDebate2024 pic.twitter.com/VGcznAwQjS
— Al Mayadeen English (@MayadeenEnglish) June 28, 2024
