Exploring the financial challenges of running a successful presidential campaign in under four months post-Biden's exit. Delving into Kamala Harris's fundraising edge and the varied reactions of Democratic donors. Analyzing the impact of Biden's decision on campaign finances and the dynamics within the Democratic Party.
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Quick takeaways
Running a successful presidential campaign in under four months requires a lot of money, posing a significant financial challenge for the Democratic nominee.
Democratic donors are divided between supporting Kamala Harris and advocating for an open nomination process, highlighting uncertainty and potential financial competition within the party.
Deep dives
Biden's Unexpected Decision to Drop Out of 2024 Presidential Race
President Biden's sudden announcement to withdraw from the 2024 U.S. presidential race came after mounting pressure from his party and even his former running mate, Barack Obama. This decision not to seek re-election raises questions about potential successors, the Democratic Party's future direction, and fundraising challenges for a late-substitute candidate like Kamala Harris.
Financial Implications and Challenges for Biden and Harris Campaigns
Financially, Biden's campaign has seen a slowdown in fundraising compared to Trump's campaign. With about $96 million left in the coffers, Harris stands to inherit these funds, but facing the challenge of ramping up a new campaign swiftly. The Democratic Party's spending strategy, particularly on advertising and organizing, poses a financial hurdle for Harris's potential candidacy.
Donors' Response and Prospects with Harris as the Nominee
Democratic donors are divided between supporting Harris and advocating for an open nomination process. Harris's connections to Wall Street and Silicon Valley provide a fundraising advantage, although some donors are cautious about her progressive positions. New super PACs have started fundraising for alternative candidates, signaling uncertainty and potential financial competition within the Democratic Party.
Joe Biden’s decision not to run for reelection leaves the Democratic nominee that replaces him with an unprecedented challenge: running a successful presidential campaign in under four months. That will take a lot of money.
On today’s Big Take podcast: How much could that campaign cost? Gregory Korte and Laura Davison, who cover money and politics for Bloomberg, dig into that question, Kamala Harris’s fundraising edge and how Democratic donors are reacting to the news.