"Already disastrous"

Biden is now struggling with a massive drop in donations

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11.07.2024 16:18

Not only is support within his own party crumbling, US President Joe Biden is now also having problems attracting donations for his election campaign, according to media reports. While Biden is still fighting for his candidacy with all his might, his team is preparing for considerable financial cuts.

"The money has completely dried up", the US broadcaster NBC News quotes one of four confidants from the incumbent president's campaign team. This is clearly a direct result of the disastrous TV debate between Biden and Trump around two weeks ago, the report continues.

Major donors are turning away
This month alone, there has been a drop of half, "or much more", among major donors. "The donors are negative. They had a phone call with the president. I don't think people believe that," another source said, referring to a recent fundraising meeting between Biden and donors. Shortly afterwards, an increase in donations was recorded, but this very quickly dropped off again.

In the debate about US President Joe Biden's state of health, support for the 81-year-old continues to crumble. (Bild: AFP/SAUL LOEB)
In the debate about US President Joe Biden's state of health, support for the 81-year-old continues to crumble.

However, completely different tones can be heard from Biden's team: "That's not correct" that there are fewer donations, a spokeswoman for Biden's campaign immediately clarified. In fact, the first few days of July were the best start to the month since the campaign began as far as first-time donors were concerned. In any case, 97 percent of donations came from small donors who gave less than 200 dollars.

Forcing a resignation by boycotting donations?
Another person from the team is confident that this could just be a temporary low and that large donors in particular could return to prevent a President Donald Trump. If this is not the case, "we will do it without them", a Biden adviser is said to have told him in confidence.

What is particularly painful for Biden, however, is that important major donors to the Democrats have recently turned their backs on him. This includes Abigail Disney, granddaughter of the Walt Disney co-founder, who wants to force Biden's withdrawal with her boycott of donations. "We could win this election by a wide margin," she said, expressing her dissatisfaction.

Biden: "I don't care whatthe millionaires say"
 The beleaguered frontman reacted defiantly, saying that he didn't "care what the millionaires say", only to row back again shortly afterwards. He thanked the financiers who stood by him, he told "Politico". And probably not without reason: his lead over Trump in the fundraising marathon is already gone.

While he collected 264 million US dollars in the second quarter, his challenger received 331 million dollars. If the flow of money continues to dry up, it will be all the more difficult to finance advertisements and commercials - and the chances of crossing the finish line first in November will diminish.

Support within the party is dwindling rapidly
However, it is not only donors who are increasingly opposing the president. Party colleague (and one of the most important figures in the Democrats) Nancy Pelosi has already suggested that he should seriously consider withdrawing.

He is also increasingly losing support in Congress: according to a survey, 56% of the party supporters questioned are in favor of the 81-year-old withdrawing from the presidential race.

This article has been automatically translated,
read the original article here.

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