President Joe Biden's largest backers are pausing a substantial financial influx into his campaign.
According to Mediaite, major Democratic donors have withheld $90 million meant for President Joe Biden's major super PAC following his debate performance.
The cash freeze traces back to a debate last month on CNN where Biden faced off against Donald Trump. The debate did not go well for Biden, leading to uncertainty about his political future among his strongest financial supporters.
In response to the halted funds, operations within the super PAC have met a standstill. As a source close to the situation stated, "The super PAC has been shying away from making major strategic decisions until it gets clarity on who will be atop the ticket."
In addition to the financial freeze, Future Forward super PAC has decided not to comment directly about the situation. This move indicates the extent of the uncertainty among Biden's financial backers about his viability in the upcoming election.
For many Biden supporters, the performance in the debate was a turning point. A major donor expressed his concerns, saying, "He and his friends have decided to hold off," revealing a collective hesitance to commit further resources at this time.
Biden’s campaign team has quickly responded by conducting voter surveys against Trump with Vice President Kamala Harris. This suggests they are considering alternatives and assessing Biden’s chances going forward.
Discussions are currently ongoing among Biden's advisers regarding his continued participation in the race. Thus far, Biden has resisted calls from a growing number of congressional Democrats urging him to step aside for another candidate.
On Thursday, at a press conference, Biden maintained his intention to run, stating, “I believe I’m the best qualified to govern…and I think I’m the best qualified to win.”
Some pledged funds were designated for the PAC and its nonprofit arm, which actively promotes in critical battleground states. This amplifies the stakes of these funds being held in limbo, impacting not only campaign activities but also wider strategic plays in key areas.
Future Forward adviser outlined the situation, saying they anticipate the return of donations once there's an answer to Biden’s political stance. This emphasizes the temporal and conditional nature of the donors' commitments based on electoral viability.
An adviser from Future Forward mentioned that they anticipate donations will resume once the uncertainty surrounding Biden's political future clears up. They believe that with clarity, strategic planning can progress without being impeded by political uncertainties.
The financial uncertainty could impact Democratic candidates beyond the presidential race due to withheld funds affecting both the PAC and its nonprofit counterpart, causing ripple effects in key states. This funding freeze marks a pivotal moment in the 2024 election, hinting at possible strategic shifts within the Democratic party. President Biden's debate performance has led to a $90 million donation freeze, raising concerns among his financial backers and adding pressure on his campaign strategy.
