Democratic donors are expressing deep concerns about President Joe Biden's candidacy as the party grapples with its future direction, leading to a slowdown in major contributions, according to sources familiar with the situation.
A Democratic strategist revealed that donors are currently adopting a cautious approach, waiting to see how events unfold. They are closely monitoring Biden's actions, particularly his recent interviews and news conference.
Following a lackluster debate performance last month, donors have reportedly become increasingly apprehensive about Biden's ability to secure the nomination. This unease was further highlighted when prominent supporter George Clooney publicly urged Biden to step down from the presidential race.
The strategist acknowledged that Clooney's op-ed is likely to have a significant impact on the situation, stating that 'it's going to sting.'
One Democratic fundraiser noted a significant decrease in major donations since the debate, although smaller contributions continue to flow steadily. However, it was emphasized that the campaign cannot solely rely on these smaller donations due to its extensive scope.
Despite Biden's reassurances during a recent call that he intends to remain in the race, concerns among donors persist. An insider involved in fundraising efforts described the incoming funds as 'drying up,' with donors expressing frustration and worry.
This decline in financial support was evident in post-debate fundraisers, with a recent event at New Jersey Gov. Phil Murphy's residence raising $3.7 million—less than half of the amount generated at a pre-debate fundraiser hosted at the Virginia home of former Gov. Terry McAuliffe.
