According to media sources, several significant Democratic donors have informed Future Forward, the biggest pro-Biden super PAC, that pledges totalling about $90 million are now on hold if President Joe Biden remains the presidential candidate.
According to a New York Times report, some eight-figure pledges are among the frozen funds. This comes after Joe Biden’s poor debate performance against Donald Trump.
A group donor shared that Future Forward had approached them and their friends several times since the debate, asking for money, but he and his friends had been “holding off.”
The two people briefed on the frozen pledges declined to say which individual donors were pulling back promised checks, which were estimated to total around or above $90 million.
A second source close to the group said that the super PAC has been delaying big strategic choices until it has a clear idea of who would be at the top of the ticket.
The financial freeze coincides with the conversation among some of Biden’s advisors about how to convince the president to withdraw from the race.
The campaign has started to pit Vice President Kamala Harris against former President Donald J. Trump in head-to-head voter polls. The number of congressional Democrats urging Biden to stand down is increasing by the day.
The possible shortage of super PAC funds coincides with the campaign preparing for a challenging July fundraising period, as key donors question Biden’s chances of winning in November.
Future Forward, designated by Biden’s campaign as its primary super PAC for the 2024 race, has already reserved $250 million in TV and digital ads starting after the Democratic National Convention next month.
Following the debate, a leaked poll from an organisation closely associated with Future Forward revealed that the super PAC had evaluated the likability of potential Biden alternatives, including Harris, California Governor Gavin Newsom, Michigan Governor Gretchen Whitmer, and Transportation Secretary Pete Buttigieg.
President Biden has had a worse overall favorability rating than all the others, according to the poll.
Hakeem Jeffries withholds support for Biden after press conference: Reports
Hakeem Jeffries, the Democratic leader of the House minority, reportedly declined to give Joe Biden his support when they met after the president’s press conference yesterday, according to CNN.
According to CNN, Jeffries “bluntly” expressed the opinions of his caucus during the discussion, though it’s unclear if Biden requested his support.
(With inputs from agencies)