Last Updated on 13/07/2024 by wccexam Desk
In a significant development, major Democratic donors have put on hold approximately $90 million in pledged donations to President Joe Biden’s re-election campaign. This move is a direct response to the mounting political and economic pressures on the president to step aside from the 2024 race. The donors, who had previously committed substantial funds to the pro-Biden super PAC, Future Forward, are now refraining from making these contributions while Biden remains the presumptive Democratic nominee.
The decision to freeze these donations follows a disastrous debate performance by Biden against former President Donald Trump in late June. This performance has led to increased calls from Democrats on Capitol Hill for Biden to drop out of the race. According to sources familiar with the matter, several donors have informed Future Forward that they will not be contributing until the uncertainty surrounding Biden’s candidacy is resolved.
The total amount of withheld funds includes several eight-figure contributions, with some donors holding back checks worth over $10 million. Future Forward has responded by pausing major strategic decisions until the situation is clarified. The super PAC is currently in a state of limbo, waiting for a clear indication from Biden regarding his future in the race.
Despite the growing pressure, Biden has remained steadfast in his decision to continue campaigning. In a recent press conference, he emphasized his track record of defeating Trump in the past and expressed confidence in his ability to do so again. However, his campaign has also been exploring alternative scenarios, including the potential candidacy of Vice President Kamala Harris and other Democratic leaders.
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The evolving dynamics within the Democratic party reflect a growing uncertainty about Biden’s candidacy and a reevaluation of potential alternatives. Polls conducted by OpenLabs, a progressive polling organization, have suggested that other candidates like Transportation Secretary Pete Buttigieg and Michigan Governor Gretchen Whitmer could potentially outperform Biden in an electoral matchup against Trump.
The decision by major donors to freeze their contributions underscores the significant challenges facing Biden’s re-election campaign. As the 2024 election cycle unfolds, the future of Biden’s candidacy will continue to be closely watched, with many Democrats advocating for a replacement candidate to better position the party for success in November.