President Joe Biden‘s fundraising campaign is experiencing a slowdown following a disappointing performance in the presidential debate.
What Happened: Some campaign bundlers have halted their calls to potential donors, indicating a potential loss of momentum in Biden’s campaign, CNBC reported on Tuesday.
One Democratic fundraiser, who chose to remain anonymous, said, “No one is picking up the phone.”
Several bundlers have limited their outreach to their personal fundraising networks due to a lack of response or negative feedback questioning why they should donate to Biden after his lackluster debate performance.
Bundlers, typically wealthy and well-connected individuals, are crucial to campaign financing strategies. They solicit campaign donations from their personal and professional networks. Their progress often serves as a gauge for campaign momentum.
Some of Biden’s bundlers are contemplating pausing their fundraising efforts, questioning the president’s viability in the race.
Longtime ally and Biden fundraiser, John Morgan, said, “I’m not going to raise any more money or write out checks until I am sure he is the candidate.”
Other donors are pulling back, suggesting that Biden should withdraw from the race. Stewart Bainum Jr., chairman of Choice Hotels and a major Biden donor, stated, “It’s now best for the country and the world for him to pass the baton.”
Despite the faltering fundraising efforts, Biden’s team reported raising $127 million in June, with over $30 million coming in the days following the debate. However, some donors remain unsettled by Biden’s debate performance and are awaiting reassurances that Biden will remain in the presidential race.
Why It Matters: The fundraising slowdown comes amid increasing doubts about Biden’s ability to serve a second term. Former Obama strategist David Axelrod predicted a “landslide defeat” for Biden, highlighting an ABC interview where Biden failed to reassure voters of his stamina and mental sharpness. Axelrod warned that Biden’s denial of his public standing could lead to a defeat against a “lawless and unpopular former president.”
Despite calls for him to step aside, Biden remains committed to staying in the race. In a letter to Democrats, he outlined his accomplishments and plan to defeat former President Donald Trump. Biden stated he is “the best person to beat Trump in 2024.”
If Biden were to drop out of the race, there are questions about who would receive the fundraising money. Vice President Kamala Harris is among the leading candidates who would be selected to replace Biden. The decision could be based on who has the best shot of defeating Trump and the item of fundraising may also come into play.
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Photo by Trevor Bexon on Shutterstock
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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