Democratic donors freeze $90m in donations as long as Biden is at top of the ticket

Donor to top Biden PAC Future Forward says he has been ‘holding off’ after debate debacle

Some wealthy donors have told the largest Biden-supporting Super PAC that they’re withholding around $90m in donations as long as the embattled president remains atop the Democratic ticket, according to a report.

Two sources told The New York Times that the donations now on hold include contributions of eight-figure sums. This comes after Biden’s disastrous debate performance on June 27.

An adviser to the PAC told the outlet that they expect the donations to resume when the uncertainty about the state of the party’s ticket has passed.

A donor to Future Forward told The Times that he and his friends had been “holding off” even as they had been approached several times after the debate about donating.

Future Forward was designated as the top super PAC for the Biden campaign early in the 2024 race and has revealed that it will spend $250m on TV and digital advertising starting after the conclusion of the Democratic National Convention in August.

A poll conducted by the PAC was leaked after the debate, revealing that the group had tested the viability of other candidates, including Vice President Kamala Harris, California Governor Gavin Newsom, Michigan Governor Gretchen Whitmer, and Transportation Secretary Pete Buttigieg. According to the poll, Biden has worse favorability ratings than the other possible candidates.

Future Forward gathered donors shortly before the debate to discuss its fund-raising as well as the race, with officials telling donors that the super PAC and its nonprofit branch were aiming to collect $700m ahead of the election and that they had raised $430m by that time, two people at the briefing told The Times.

The nonprofit has also been running ads in key swing states.

Joe Biden waves as he leaves after speaking during a press conference at the close of the 75th NATO Summit on July 11. Major donors are holding back as long as he remains on the ticket (AFP via Getty Images)

The pause in donations comes amid growing pressure from elected lawmakers and party activists for the president to step aside as the Democratic nominee.

Some advisers around the president have begun discussing how to convince Biden to leave the race and his campaign is reported to have begun testing the waters with polling measuring the strength of Harris in a race with former President Donald Trump.

Apart from lawmakers, actors and activists such as George Clooney and Ashley Judd have also called on Biden to step aside.

The possible downturn in available cash comes as the campaign looks ahead to a potentially worse-than-average fund-raising month in July as major donors reexamine Biden’s place atop the ticket.

During a press conference at the end of the NATO summit on Thursday night, Biden forcefully said he was staying in the race.

“I think I’m the most qualified. I beat him once and I will beat him again,” he said of Trump. “I’m not in this for my legacy. I’m in it to finish the job I’ve started.”

This comes as a poll shows that the race for the White House remains statistically tied. The new national NPR/PBS Newshour/Marist survey was conducted on Tuesday and Wednesday.

The president gained a point over the preceding month’s survey and now leads Donald Trump 50 percent to 48 percent in a head-to-head matchup.

When third-party options are included, Trump gains a slight advantage and leads Biden 43 percent to 42 percent. The margin of error was +/- 3.1 percent.

However, nearly two-thirds of the more than 1,309 respondents said they believe Biden lacks the mental fitness to be president. That includes almost 4 in 10 Democrats.

But the survey also found that more than two-thirds (68 percent) of people said it’s more concerning to have a president who doesn’t tell the truth than one who might be too old to serve.

A majority said Biden has the character to be president (52 percent), while a majority also said Trump does not (56 percent).

Nevertheless, almost 6 in 10 respondents believe Trump will win in November including a quarter of Democrats.

Biden alternatives in the Democratic Party all poll about the same as the president against Trump.

Harris barely led Trump, 50 to 49 percent, Whitmer was tied with Trump at 49 percent, while Newsom led by 50 to 48 percent, the poll found.

While there is no clear alternative candidate for the party, those who are calling for Biden to step aside would nevertheless argue that a younger nominee could campaign more vigorously and make a more coherent case.