Biden’s financiers want to hold off on covering nearly $90 million in campaign expenses
On the last day of the NATO summit in Washington, US President Joe Biden said, “I am not running in this election thinking about succession.” I have to fight this election to finish the work I started. I don’t think the pace of work has slowed down. However, in order not to withdraw from the election, Biden suffered a major blow, the election grant money was stuck.
Yesterday, a New York Times report said that some of Biden’s main financiers will suspend the payment of his election expenses if he does not withdraw from the election. They will suspend donations to ‘Future Forward PAC’. The amount of this money is about 90 million US dollars. The large sum of money stuck is a huge blow to Biden.
At the end of last June, Biden had to fall into such a situation because the president’s debate with Trump was not satisfactory. Future Forward Group declined to comment. But an adviser to the group expects donors to resume giving once the uncertainty over Biden’s candidacy fades.
It should be noted that Biden and former President Donald Trump entered into a face-to-face debate on CNN channel a few days ago.
This time he is a presidential candidate for the Republican party. Biden was not physically fresh enough for that debate. He was at a loss for words while answering. He practically fell asleep during the debate.
However, he later said that he was not feeling well that day due to the long journey.
But seeing Biden’s behavior, a section of Democrats have also moved against him. They said Biden should withdraw from the presidential race. He will not be able to run the government healthily for the next four years.
Meanwhile, a Biden donor said Future Forward had asked them for donations several times since the debate. But he and his friends decided not to pay any money for now. However, Chancey McLean, president of Future Forward, said that they will try to best support President Biden with the resources they have.
Another donor, billionaire Reed Hoffman, commented that donors are doing the wrong thing by withholding money like this. Rae Steward, Hoffman’s adviser, also said it was the wrong decision to end the grant at this time.
Super PACs may face funding shortages as major donors remain skeptical of Biden’s chances of victory. They are already considering spending $250 million on ads starting after the Democratic National Convention next month.
Before the debate with Trump, Future Forward held a meeting with donors to say they had a goal of raising $700 million for the election and had already raised $430 million.
One of Trump’s campaign issues is Biden’s 81-year-old age and physical condition. In this situation, Biden has to face this question again and again. Last Thursday was no different. Biden had to face this question in a press conference on the last day of the NATO conference. There he said, there is no question of standing back. He has to finish the work he started. Otherwise, the American dream he has shown will remain incomplete. At the same time, he said, he is completely healthy physically.
Sources: The New York Times, Reuters
