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Tuesday, July 9th, 2024 7:50 am EDT
Key Points
- Fundraising Struggles Post-Debate: Following President Biden’s poor debate performance on June 27, his fundraising efforts have suffered, with some bundlers halting outreach and donors questioning his candidacy.
- Donor Uncertainty and Criticism: Prominent donors and fundraisers, such as John Morgan and Stewart Bainum Jr., express doubts about Biden’s viability, with some calling for him to drop out and fears of a potential loss to Trump.
- Mixed Reactions and Continued Efforts: Despite the backlash, Biden’s team remains active, planning numerous fundraising events, and some supporters continue to back him, citing the unacceptable alternative of a Trump presidency.
Following President Joe Biden’s subpar debate performance on June 27, his fundraising efforts have faced significant challenges. Bundlers, who are pivotal in raising campaign funds, have notably reduced their outreach, reflecting a broader loss of confidence. Some have ceased making calls altogether, while others limit their efforts to personal networks due to negative or non-existent responses from potential donors. This hesitance is fueled by doubts about Biden’s longevity in the race despite his assertions of staying in. Longtime fundraiser John Morgan and major donor Stewart Bainum Jr. exemplify this uncertainty; Morgan plans to halt fundraising until Biden’s candidacy is certain, while Bainum believes Biden should withdraw to avoid detrimental election outcomes.
Bundlers, typically affluent and well-connected, are essential for campaign financing, leveraging their personal and professional networks for donations. When a candidate struggles, as Biden currently is, bundlers often sense the trouble earlier than campaign staff. Some of Biden’s key supporters, including Ed Rendell, continue fundraising but face resistance from donors now questioning Biden’s viability as a candidate.
In contrast, Biden’s campaign raised $127 million in June, with a substantial portion coming post-debate. However, apprehensions linger, highlighted by a recent Bloomberg/Morning Consult poll indicating Trump leading Biden in key states, despite Biden’s lead in others. Concerns about Biden’s debate performance and his ability to counter Trump effectively persist among donors. Some, like Disney heiress Abigail Disney, have vowed to halt contributions until Biden exits the race.
Despite these setbacks, Biden’s team is attempting to reassure donors. Biden reiterated his commitment to the race and outlined plans for aggressive debate strategies in a delayed call with major donors. This effort to alleviate concerns, however, has seen mixed results. Some donors, disillusioned by the debate performance, remain steadfast in their support, while others await more concrete signs of Biden’s strength against Trump before resuming contributions.
Upcoming fundraising events in Texas, California, Colorado, and planned fundraisers in Pennsylvania and New York indicate ongoing efforts to bolster Biden’s campaign finances. Allies, like Glen Tullman, remain supportive, recognizing Biden as the preferable candidate against the perceived unacceptable alternative. Ultimately, Biden’s ability to regain donor confidence and momentum will be critical in the weeks leading to the Democratic convention, scheduled for August 19-22 in Chicago.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/07/08/joe-biden-fundraising-debate.html
