"No One Answers the Phone"... Biden Donors Turn Their Backs

Biden Dismisses Resignation Talk
But CNBC Reports "Campaign Donations Cut"
Q2 Fundraising Surpassed by Trump

As U.S. President Joe Biden expressed his intention to continue his campaign, directly confronting calls for his resignation, CNBC reported on the 8th (local time) that the flow of campaign donations from Biden supporters disappointed by the presidential debate has dried up.

According to sources familiar with the matter, some of Biden's campaign staff decided not to call donors after the debate on the 27th of last month. So-called "bundlers," who gather political funds from acquaintances and relatives based on their personal networks and deliver them to Biden's campaign, have repeatedly been rejected by donors immediately following the presidential debate.

An anonymous Democratic fundraiser said, "No one is answering the phone," describing the local atmosphere. John Morgan, Biden's fundraising manager, emphasized, "We will not raise funds or write checks until Biden becomes the official Democratic presidential nominee and the campaign is confirmed. The donors I manage need assurance that Biden is the official candidate. The next few weeks are very important." It is reported that Democratic leadership is considering an early nomination of Biden as the official presidential candidate ahead of the party convention scheduled for mid-August.

After Biden suffered a crushing defeat to former President Donald Trump in last month's presidential debate, even pro-Democratic "big donors" who have been responsible for funding the Biden camp are demanding his resignation. Stuart Bainum Jr., chairman of Choice Hotels, criticized, "It is now best for the country and the world that he (President Biden) passes the baton," adding, "His continued presence in the race would be a disaster for the country." Bainum and his wife are reported to have each donated the legal maximum of $929,600 to Biden's campaign.

Abigail Disney, heiress of the Walt Disney founding family and a longtime Democratic supporter, also announced on the 4th that she would suspend donations until the Democratic Party replaces its presidential candidate. Abigail stated, "President Biden is a good person and has contributed greatly to America, but the risks are too great," and pointed out, "If President Biden does not step down, the Democratic Party will lose, and the outcome will be terrible."

With the flow of donations from major donors halted like this, Biden's campaign is expected to face financial setbacks. Last month, Biden's campaign raised $127 million, slightly surpassing Trump's $111.8 million, but in the second quarter, Biden's fundraising total of $264 million was overtaken by Trump's camp, which raised $331 million.

Ed Rendell, former governor of Pennsylvania, who has been pushing fundraising efforts for Biden even after the debate, said, "I have heard that some donors are scared," but asserted, "While some may have decided not to give money, I am confident that if polls show President Biden leading former President Trump, they will start donating again."

According to a joint poll conducted last month after the debate by USA Today and Suffolk University, in a hypothetical head-to-head matchup, former President Trump led President Biden by 3 percentage points, with 41% support compared to Biden's 38%, widening the gap from before the debate.