TL/DR –
Many wealthy Democratic donors are putting pressure on President Biden to abandon his re-election campaign in favor of an alternate candidate. Donors have undertaken a number of initiatives to this end, revealing a growing rift between the party’s financial contributors and the current standard-bearer. Among the efforts is a plan to raise up to $100 million for a fund, called the Next Generation PAC, designed to support a replacement candidate if Biden steps aside, or to support down-ballot candidates if he does not.
Democratic Donors Push for Biden’s Withdrawal from Presidential Race
Many affluent Democratic donors, after days of quiet concern, are actively seeking to persuade President Biden to step down from his re-election campaign. They are leveraging their financial power to lay the groundwork for an alternate candidate, showcasing a growing discord within the party.
Despite Biden’s commitment to stay in the race, concerns persist about his ability to win in November. In response, a group of donors is working to raise up to $100 million for a fund, called the Next Generation PAC, to support a new candidate.
Supporters of potential replacements such as Vice President Kamala Harris are positioning their preferred successors, with some donors threatening to withhold contributions. Major donors like Reed Hastings have publicly called for Biden’s exit.
Democrat Donor Reactions and Fundraising Efforts
If President Biden continues his campaign, it could lead to a dramatic standoff with a key donor base. A surge in donations following the debate was primarily fueled by online contributions from smaller donors.
Not all large donors are withdrawing their support. Some who prefer a different candidate are still funding, albeit grudgingly. Concerns remain about the rate of large-scale fundraising, with no events featuring Biden until later this month.
Building Financial Infrastructure for a Post-Biden Campaign
Many big donors are exploring ways to construct a financial framework for a post-Biden campaign. Several donors are shifting their contributions to protect candidates for Congress and state offices from potential fallout from concerns about the top of the ticket.
Andrew E. Beck III, a retired finance executive, signed a statement by a coalition of business executives urging Biden to stand down, and has also worked privately to convince Democratic officials to publicly advocate for this outcome.
Next Generation PAC and Successor Support
Of all efforts made by wealthy Democrats, the Next Generation PAC stands out. Spearheaded by cryptocurrency billionaire Mike Novogratz, the PAC aims to hold funds to support a Biden successor. Multiple proposals to earmark some money for a candidate other than Biden are gaining traction.
Benefit for Vice President Kamala Harris
Some of these efforts may benefit Kamala Harris, who has been met with skepticism from some key donors. Her allies are now secretly consolidating support from ultra-wealthy donors and their operatives. People close to Harris have engaged influential business leaders to determine how she could build her donor base.
Handling Campaign Funds in Case of Candidate Replacement
If Biden were to step aside and be replaced by Harris, she could inherit the campaign’s $212 million funds. If another candidate were to become the nominee, funds might need to be transferred to the DNC or an independent group. Some Democratic megadonors have suggested a candidate swap to the Biden campaign directly.
Public Support for Harris
A few Harris supporters are ready to voice their support publicly. Jon Henes, who led the national finance committee of Harris’s 2020 campaign, said, “We are primed and ready to support a Harris ticket.” Although Harris’s candidacy does not currently exist, Raymond J. McGuire, the president of financial firm Lazard, called her “singularly capable of bringing this nation together.”
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