A group of Democrat megadonors has frozen a $90 million donation to pro-Biden super PAC Future Forward, threatening to withhold the money indefinitely unless President Joe Biden is removed from the presidential ticket. The funding freeze comes as the Democratic Party faces mounting pressure from both the donor class and the voting base to nominate another presidential candidate in light of Biden’s purportedly declining condition.
First reported by the New York Times, “two people who have been briefed on the conversations” are claiming that the frozen contributions include multiple eight-figure donations to the Biden campaign, some of which were solicited as recently as last month. According to these sources, Biden’s disastrous debate performance at the end of June was the driving factor in the decision to “hold off” further donations.
Per the outlet:
Future Forward declined to comment on any conversations with donors or the amounts of any pledged money being withheld. A Future Forward adviser would say only that the group expected contributors who had paused donations to return once the current uncertainty about the ticket was resolved.
This latest threat to Biden’s reelection funding comes after multiple high-profile Democrat donors have jumped ship following the first presidential debate. As previously reported, Disney heiress Abigail Disney said last week that she will withhold further donations from the party until Biden is replaced. She was joined in this tactic by Gideon Stein of the Moriah Fund, who pulled a planned $3.5 million contribution.
News of the paused donations comes just one day after President Biden held his first solo press conference since November 2023 in an attempt to assuage fears about his viability as a candidate. Following an hour-long question-and-answer session filled with gaffes and missteps, Democrat supporters and donors remain largely unconvinced.
According to Future Forward, Biden’s leading fundraising group in the early stages of the race, the super PAC and its donors will proceed with caution until receiving clarity about who will receive the Democratic presidential nomination.
The Democratic Party Convention, where Biden will ostensibly be named as the official candidate, will be held in Chicago on August 19-22.
