The president’s support from major donors in July is on track to raise half of its June amount if he remains in the race, according to four people briefed on his campaign’s finances.
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President Biden at a fund-raiser in Los Angeles in June with Jimmy Kimmel, seen from the back, and former President Barack Obama.
Wealthy supporters of President Biden’s campaign have slammed their wallets closed, with support from major donors in July on track to plummet to roughly half of the previous month’s amount if he remains in the race, according to four people briefed on the campaign’s finances.
The campaign had hoped to raise about $50 million from large donors into the Biden Victory Fund, which diverts money to the Biden campaign, the Democratic National Committee and the state Democratic parties. That was the amount that large donors gave in June, according to one of the people briefed on the matter. Those donations are tracked separately from the campaign’s small-dollar donors.
But after his poor debate performance late last month, that number is likely to be less than $25 million in July, an excruciatingly small total for a summer month in a presidential race, according to the people briefed, who asked for anonymity to disclose details about the campaign’s finances.
Mr. Biden raised $28 million in one night in June at a Hollywood fund-raiser that was hosted by the actor George Clooney. Last week, Mr. Clooney urged Mr. Biden to end his campaign.
If Mr. Biden leaves the race and someone else becomes the nominee, it remains to be seen how easily money already raised could be transferred to the new candidate, though it would be simpler if that person were Vice President Kamala Harris. Donors and people involved in Mr. Biden’s fund-raising expect that the money situation would improve quickly if a new nominee emerged.
Mr. Biden’s fund-raising troubles began almost immediately after his debate against Donald J. Trump, who on Thursday will become the Republican Party’s presidential nominee for a third straight time. Democrats who had planned to host fund-raising events quickly found that commitments to donate to Mr. Biden were rescinded. The campaign halted plans to host some events after donors declined to give money while Mr. Biden remained in the race.
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Source: nytimes.com
