After days of discontent, wealthy Democratic donors are taking matters into their own hands, urging President Biden to step down from his re-election campaign. This rift between the party’s donors and its standard-bearer reveals a growing tension that could impact future races, regardless of Mr. Biden’s decision.
Some donors are banding together to raise up to $100 million for an escrow fund, the Next Generation PAC, to support a replacement candidate if Mr. Biden does not yield. However, other donors are threatening to withhold contributions unless Mr. Biden steps aside, pushing for a new ticket they believe will have a stronger chance against Donald Trump in the upcoming election.
The movement to back alternative candidates is gaining momentum, with calls for Mr. Biden to withdraw becoming more vocal among major donors. The implications of this internal struggle could have a significant impact on Democratic fundraising efforts as the race intensifies.
If Mr. Biden continues his campaign, it could lead to a standoff with a crucial donor base at a pivotal moment in the race. While he has seen a surge in donations recently, the funding landscape remains uncertain as some big donors express concerns about Mr. Biden’s electability.
The Next Generation PAC, spearheaded by prominent figures like Mike Novogratz and Andrew Jarecki, aims to secure funds for a successor to Mr. Biden in case he steps down. This effort underscores a shift in donor priorities and reflects a broader dissatisfaction with the current Democratic ticket.
Amidst the turmoil, potential candidates like Vice President Kamala Harris are garnering support from both donors and strategists in anticipation of a potential leadership change. The landscape of Democratic fundraising is evolving rapidly as influential figures weigh their options for the future of the party.
The uncertainty surrounding Mr. Biden’s candidacy has prompted a wave of strategic planning among Democratic megadonors, with some already voicing their support for a candidate switch. While the path forward remains unclear, the Democratic fundraising apparatus is adapting to the shifting dynamics within the party.
As the Democratic Party grapples with internal divisions, the role of wealthy donors in shaping the future of the party has come into sharper focus. The outcome of this power struggle could reverberate throughout the political landscape, affecting not just the presidential race but also down-ballot contests.
