President Biden’s campaign is facing a significant drop in support from major donors in July, with donations expected to be about half of what was raised in June, according to sources familiar with the campaign’s finances. The campaign had initially aimed to raise $50 million from large donors for the Biden Victory Fund, which distributes funds to the Biden campaign, the Democratic National Committee, and state Democratic parties. However, following a lackluster debate performance last month, it is projected that the donations for July will be less than $25 million.
In June, President Biden managed to raise $28 million in a single night at a Hollywood fundraiser hosted by George Clooney. However, recent events have led to concerns about the campaign’s financial situation. Some donors have even rescinded their commitments to donate to Biden, leading the campaign to suspend certain fundraising events. The uncertainty surrounding the future of the campaign has also raised questions about how the existing funds could be transferred to a new nominee if Biden were to exit the race.
There is speculation that if a new nominee, such as Vice President Kamala Harris, were to replace Biden, the fundraising situation could improve rapidly. However, the current financial challenges facing the campaign highlight the impact of recent events on donor confidence and support. As the race for the presidency heats up, the ability to secure funding and maintain donor support will be crucial for the success of any candidate.