Donors withhold $90M in election funding unless Biden steps aside

Donors to a major super PAC backing President Joe Biden are withholding around $90 million in pledged funds, urging the president to step aside, sources told the New York Times. A super PAC (Political Action Committee) is a type of organization that can raise and spend unlimited amounts of money to advocate for or against political candidates, without directly coordinating with the candidates’ campaigns.

Future Forward, the largest super PAC supporting Biden, declined to comment on the situation. However, a spokesperson said they expect donors to return once the campaign's uncertainty is resolved. Biden, meanwhile, is firmly committed to staying in the race, despite growing reluctance among some Democrats.

The withheld donations highlight the president's post-debate struggles and the uphill battle he faces. Despite the campaign's efforts to calm nerves with impressive June fundraising numbers, July is shaping up to be financially challenging.

Some significant donors, including Netflix co-founder Reed Hastings, have already asked Biden to end his campaign. Biden's recent press conference after the NATO summit failed to alleviate concerns, leading several congressional Democrats to call for him to pass the torch.

Even Biden's own campaign staff appears to recognize the depth of the crisis, reportedly surveying how Vice President Kamala Harris would fare against Donald Trump in a head-to-head race.

While Biden dismisses the calls for him to step down as elitist and out-of-touch, new polls indicate widespread concern about his campaign. Regardless, Democrats need substantial funding to run a competitive campaign, especially as Republicans close in on their cash advantage.

[Source: Business Insider]