PINCHING PENNIES

Big Democratic Donors Put $90M on Ice Unless Biden Quits

July is set to be a dismal fundraising month as wealthy donors turn on the president.

Bigwig Democratic donors are holding a gun to President Joe Biden’s head in the form of $90 million dollars, according to sources who spoke to The New York Times. Several donors who had pledged eight-figure sums to Future Forward, the largest pro-Biden super PAC, have now reportedly put those pledges on hold as long as Biden remains the presidential nominee. An unnamed adviser for Future Forward clarified to the Times that some of the donors would move ahead with their donations once the uncertainty was resolved, even if that meant Biden remained the nominee, but the move still underscores just how damaging Biden’s debate performance has been to his re-election prospects. It’s just another sign that July will be a dire fundraising month for the campaign as donors around the country hit the pause button. Top benefactors on Wall Street and in Silicon Valley have been jumping ship and, in Chicago, a few dozen elite donors canceled plans to hold a fundraising lunch during the Democratic National Convention.