Some major Democratic donors have informed the largest pro-Biden super PAC, Future Forward, that approximately $90 million in pledged donations is now on hold as long as President Biden remains the candidate, according to sources familiar with the discussions. The frozen contributions consist of multiple commitments in the eight-figure range, as per the anonymous sources. This decision to hold back such a significant amount of money serves as a clear indication of the repercussions of President Biden’s underwhelming debate performance at the end of June.
Future Forward has refrained from commenting on the specific details of these conversations with donors or the exact amounts of money being withheld. An adviser from Future Forward mentioned that they anticipate donors who have paused their contributions to resume once the uncertainty surrounding the ticket is resolved. However, one donor revealed that they had been approached multiple times by Future Forward for a donation post-debate, but they, along with their peers, have been hesitant to commit.
The individuals briefed on the frozen pledges did not disclose the identities of the donors retracting their promised donations, which were estimated to exceed $90 million. The allocation of the pledged funds between Future Forward’s super PAC and its nonprofit arm, both actively engaged in advertising in crucial battleground states, remains unclear. A source associated with Future Forward noted that the group is currently avoiding significant decisions and operating defensively until there is clarity on the Democratic ticket’s leadership.
In light of the potential withholding of $90 million in donations, Future Forward faces a challenging situation as they navigate the impact of President Biden’s debate performance on donor confidence. The uncertainty surrounding the future direction of the Democratic ticket adds another layer of complexity to the fundraising efforts of pro-Biden organizations like Future Forward. As the political landscape continues to evolve, the ability of such super PACs to mobilize financial support may be crucial in shaping the outcome of the upcoming elections.