In a significant setback to President Joe Biden's re-election campaign, just days after his poor debate performance, a group of his key fundraisers has decided to withhold approximately USD 90 million in previously pledged contributions if he continues to lead the Democratic presidential ticket.
"The cash freeze delivers a blow to Biden’s campaign," reported The New York Times on Friday, noting that Democratic donors have communicated this decision to Future Forward, the largest pro-Biden Super PAC.
“The frozen contributions include multiple eight-figure commitments, according to two people, who spoke on the condition of anonymity given the sensitivity of the situation,” according to two anonymous sources familiar with the situation, as reported by the daily.
“The decision to withhold such enormous sums of money is one of the most concrete examples of the fallout from Mr. Biden’s poor debate performance at the end of June,” the report continued.
Since his disastrous debate against Republican rival Donald Trump in Atlanta on June 27, Biden, 81, has been steadily losing support from some of his key friends and allies. To date, 18 Democratic lawmakers have called on him to step aside from the November 5 presidential race.
The freeze of cash has been viewed as another attempt by the party's brass to squeeze him from the race. But Biden digs in and says he is still in it, and can win against Trump in the November presidential elections.
One of the largest Super PACs supporting Biden, Future Forward, has already announced reservations for $250 million in television and digital advertising beginning after the Democratic National Convention in Chicago in August
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