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Some Democratic donors are attempting to raise $100 million to back a new candidate as calls for President Joe Biden to drop out of the presidential race grow.
The push for Biden to step aside comes after his dismal debate performance where he lost his train of thought, appeared confused and made several gaffes.
In a discussion with Democratic governors at the White House on Wednesday, Biden tried to calm the nerves of his party, saying that he was staying in the race and his debate performance was due to a grueling travel schedule in the weeks ahead of the debate preparation sessions.
Biden reportedly told the governors that he needed to work less, sleep more, and limit events after 8pm.
A number of Democratic donors are now trying to use their wealth to urge Biden to step down. There are several initiatives underway to open up the field to another candidate, according to The New York Times.
The efforts could have an effect on down-ballot races in time, but donors are currently focused on their efforts on changing the top of the ticket.
The $100 million is intended for an escrow-type of fund, called Next Generation PAC, which would be used to back another candidate. The funds could be used for down-ballot races if Biden remains atop the ticket.
The unnamed donors’ hopes are small compared to the current president’s war chest. Last month, the Biden campaign raise $127 million. The Biden campaign said it raised $264 million in the second quarter while the Trump campaign said it raised $331 million. In the first quarter, Biden raised more than $187 million.
Backers of possible replacements, including Vice President Kamala Harris, are now trying to get themselves in pole position, while some donors are threatening to hold back donations from Biden and other Democratic groups unless the president steps aside.
There’s also a push to move money to down-ballot races, with donors urging elected officials to argue publicly that Biden must go. A number of major donors have chosen to publicly call on the president to step down. That group includes Netflix co-founder Reed Hastings and Disney heiress Abigail Disney.
Gideon Stein told The Times that his family is holding back $3.5 million in planned donations unless Biden leaves the race.
He added that essentially every large-scale donor he has spoken to thinks that “a new ticket is in the best interest of defeating Donald Trump.”
Hollywood producer Damon Lindelof has donated more than $115,000 to Democrats during this election cycle.
In an essay for Deadline, he wrote “I’ve been asleep at the wheel and it’s time to wake the f*** up.”
He added: “I propose a DEMbargo. No checks written. No ActBlue links clicked. For anyone.”
“Is it misguided to punish the entire team for the stubbornness of the pitcher? Maybe. But it’s also common sense that if he stays in, they will also lose. A rising tide lifts all boats. A falling Biden sinks them,” he wrote.
The “DEMbargo” could come at an important moment in the campaign as it enters its later phases when money becomes all the more important. But some larger donors have yet to abandon the Biden campaign, despite indicating that they want a different candidate.
However, several major donors are looking for a way to move past Biden and build a structure for what comes afterward.
Several efforts to raise cash for a nominee that isn’t Biden have gained steam on Wall Street and in Silicon Valley, according to The Times.
The Next Generation PAC is led by crypto billionaire Mike Novogratz, his aides, and Andrew Jarecki, a Hollywood filmmaker, the paper reported. Novogratz backed Dean Phillips, who took on Biden in the Democratic primary.
The PAC has told donors it hopes to raise between $50 million and $100 million. The group plans on not using the funds until Biden steps aside or until after the Democratic National Convention next month.
