Two people familiar with the situation have stated that several leading Democrat donors have informed Future Forward, the largest pro-Biden super PAC, that they will withhold $90 million in commitments if President Joe Biden stays at the top of the ticket.
According to these two sources who requested anonymity due to the sensitivity of the matter, some eight-figure contributions have been suspended until further notice. One clear example of this is with holding such huge amounts of money because of Biden’s poor debate performance at the end of June.
Regarding any conversations with its funders or withheld donations, Future Forward refused to provide feedback. A consultant from Future Forward only indicated that when there is clarity on the fate of Biden and Harris, those contributors who had not given would start financing his campaigns again.
One donor said a group representative reached out to him many times after the debate asking for his support however he and his associates are “still waiting.”
The amount pledged by individual donors who were withdrawing their promised checks which were thought to be just over or about $90m was not disclosed by both insiders. It also did not clarify what percentage was set aside for its super PAC compared to non-profit wing which had already started running ads in key battleground states.
Someone familiar with the situation told Parami News that even though Chauncey McLean, Future Forward president stated “…that characterization is false.” The person added “Our decisions are solely made in service of supporting President Biden based on the resources available to us.”
An individual close to Reid Hoffman said it was wrong for donors like himself to stop making payments. In other words they should keep on giving as if nothing happened.
“It’s a bad idea for anyone who wants something tangible from American democracy right now,” argued Steward, one close adviser speaking about how Hoffman has approached his own philanthropy; she went ahead saying “Rather than them securing their big bet politically on keeping funds away from Future Forward and perhaps even donating more later…”
Steward also mentioned that Hoffman sent $3 million more to the PAC last month before the debate.
There is a talk among Biden’s advisors on how to convince him to pull out of the presidential race, even as his campaign has started polling VP Kamala Harris against former President Donald Trump. The number of congressional Democrats calling for Biden to step aside is growing by the day.
Although Biden’s campaign has not yet started its July fundraising push, top donors are reportedly holding off and waiting to see if he can win.
Biden vowed not to change his mind during a news conference on Thursday. “I believe that I am the most suitable person for governance,” he said. “Also, I am confident that I can win.”
In the early rounds of the 2024 race, Biden’s campaign declared Future Forward as its main super PAC and has already announced that it will spend $250 million in television and digital advertising reservations beginning after the Democratic National Convention next month.
A leaked poll from a group closely linked with Future Forward after the debate showed that the super PAC had tested alternative futures for Biden such as Harris, California Governor Gavin Newsom, Michigan Governor Gretchen Whitmer and Transportation Secretary Pete Buttigieg.
In comparison with all alternatives, Biden fared worse when it came to overall favorability according to this survey.
According to two people who attended the briefing, a group convened donors before the debate for discussions regarding its fundraising progress and race. The officials of the organization told donors that between their non-profit arm and superpac, they were targeting raising seven hundred million dollars or more for election purposes with just over four hundred thirty million having been raised at this point.
