Democratic donors are deeply concerned about President Joe Biden's ability to remain a candidate as the party continues to struggle internally amid calls for Biden to step aside, with major donors suspending their large checks, according to multiple sources familiar with the matter reported by CNN.
One Democratic strategist told CNN, "Everything is frozen because no one knows what will happen. Everyone is in a wait-and-see position," indicating that donors are closely watching Biden's actions, including interviews and his press conference on Thursday.
Donors often operate behind the scenes, and according to sources, there is increasing worry about Biden's nomination following his performance in last month's debate. On Wednesday, George Clooney, one of Biden's largest supporters and donors in Hollywood, made a significant move by publicly calling for him to withdraw from the presidential race.
Additionally, former House Speaker Nancy Pelosi's comments on MSNBC on Wednesday raised new doubts. Pelosi told "Morning Joe," "It's up to the president to decide whether or not to run. We’re all encouraging him to make this decision because time is running out."
A Democratic fundraiser told CNN, "Major donations have noticeably slowed since the debate," adding that while small-dollar donations are coming in, he noted that the campaign is too large to rely solely on small donations. A Biden campaign official stated to CNN that July marked the best start for any month ever for grassroots fundraising. They added that many donors have reached their contribution limits in recent days, and the Biden-Harris campaign has seen several fundraising events across the country this month alone.
However, a source familiar with the fundraising situation noted, "It's been a tough process, and in the short term, money is a challenge, but it’s a volatile situation." Another source close to fundraising efforts told CNN that incoming funds are "drying up," describing donors as extremely frustrated and worried.
Major donors in Chicago have canceled a fundraising lunch for high-contribution supporters. Meanwhile, organizers for at least one fundraising event in Chicago decided not to go forward with the mid-August event, according to a source familiar with the discussions.
Following Biden's debate performance, organizers temporarily halted discussions about planning fundraising efforts until after the Fourth of July holiday to allow time for clarity. This week, the host committee decided not to proceed with the event, citing disputes over how to move forward given the ongoing erosion of support for Biden's nomination.
Damon Lindelof, a Hollywood screenwriter and producer who recently urged fellow Democratic donors to withhold contributions until Biden steps down, told CNN in an email on Wednesday that he is very firm in this view. Maggie Kolick, a Democratic donor who runs a wealth management company, stated that her belief that Biden needs to step aside is shared by those she frequently speaks with, including friends and clients.
