Campaign Finance

Subterms

    More stories

    • 150 Shares119 Views

      in Elections

      Donors Tell Pro-Biden Super PAC Roughly $90 Million in Pledges Is Frozen

      by

      Some major Democratic donors have told the largest pro-Biden super PAC, Future Forward, that roughly $90 million in pledged donations is now on hold if President Biden remains atop the ticket, according to two people who have been briefed on the conversations.The frozen contributions include multiple eight-figure commitments, according to the two people, who spoke on the condition of anonymity given the sensitivity of the situation. 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.Future Forward declined to comment on any conversations with donors or the amounts of any pledged money being withheld. A Future Forward adviser would say only that the group expected contributors who had paused donations to return once the current uncertainty about the ticket was resolved.Separately, one donor to the group described being approached multiple times by Future Forward since the debate for a contribution, but said he and his friends had been “holding off.”The two people briefed on the frozen pledges declined to say which individual donors were pulling back promised checks, which were estimated to total around or above $90 million. It was not clear how much of the pledged money was earmarked for Future Forward’s super PAC versus its nonprofit arm, which has also been running advertising in key battleground states.The cash freeze comes as some advisers around Mr. Biden are discussing how to persuade the president to exit the race, and as his campaign has begun to test Vice President Kamala Harris in head-to-head surveys of voters against former President Donald J. Trump. The number of congressional Democrats calling for Mr. Biden to step aside is growing by the day.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 100 Shares149 Views

      in Elections

      Biden Trumpets Small Donors as Rich Backers Retreat

      by

      In a nationally broadcast interview on Monday, President Biden pushed back on rich Democrats who want him to end his re-election campaign, saying, “I don’t care what the millionaires think.”Small donors, he made clear, were coming through for him.But hours later, Mr. Biden joined a private call with his top donors and fund-raisers to reassure them. “It matters,” he told them of their support.The seemingly contradictory messages show the conundrum facing the president as he grapples with the fallout from his disastrous debate performance against former President Donald J. Trump last month. In order to continue to fund his presidential campaign, Mr. Biden will most likely need the support of wealthy Democratic Party backers, but they have been among the loudest voices calling for him to end his bid for re-election.In trying to diffuse their opposition, Mr. Biden — a politician who has long relied on the party’s establishment to fund his campaign — has adopted a surprisingly populist anti-elite message that, in some ways, echoes Mr. Trump’s.Major donors are warning that the party will lose the White House and down-ballot races with Mr. Biden atop the ticket. A growing chorus of donors has been pushing — first quietly, then publicly — for him to step aside to allow a replacement nominee and threatening to withhold their cash unless that happens.While Mr. Biden’s campaign has continued to court wealthy Democrats, including working to schedule fund-raising receptions despite uncertain interest, the president has also publicly cast the backlash from major donors as a sign that he is sticking up for regular people against moneyed interests. But polls showing that many rank-and-file Democratic voters also have deep concerns about his age.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 138 Shares199 Views

      in Elections

      Major Democratic Donors Devise Plans to Pressure Biden to Step Aside

      by

      The president appears intent on remaining on the ballot, while wealthy donors are discussing plans to put their money elsewhere.After several days of quiet griping and hoping that President Biden would abandon his re-election campaign on his own, many wealthy Democratic donors are trying to take matters into their own hands.Wielding their fortunes as both carrot and stick, donors have undertaken a number of initiatives to pressure Mr. Biden to step down from the top of the ticket and help lay the groundwork for an alternate candidate.The efforts — some coordinated, some conflicting and others still nascent — expose a remarkable and growing rift between the party’s contributor class and its standard-bearer that could have an impact on down-ballot races, whether or not the donors influence Mr. Biden’s decision.The president on Wednesday reaffirmed his commitment to stay in the race amid criticism of his weak debate performance last week. But that has not placated donors or strategists who worry that he cannot win in November.A group of them is working to raise as much as $100 million for a sort of escrow fund, called the Next Generation PAC, that would be used to support a replacement candidate. If Mr. Biden does not step aside, the money could be used to help down-ballot candidates, according to people close to the effort.Supporters of potential replacements like Vice President Kamala Harris are jockeying to position their preferred successor. Other donors are threatening to withhold contributions not only from Mr. Biden but also from other Democratic groups unless Mr. Biden bows out.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 125 Shares129 Views

      in Elections

      Trump Erodes Biden’s Lead in 2024 Election Fundraising After Conviction

      by

      Just two months ago, President Biden appeared to have a daunting financial advantage. Then Donald Trump was convicted of 34 felonies, and Republicans’ wallets opened.Former President Donald J. Trump out-raised President Biden for the second consecutive month in May, outpacing his successor by roughly $81 million in donations over the last two months as he rode a surge of financial support after his felony conviction.In May, Mr. Biden’s campaign and its joint operation with the Democratic National Committee raised $85 million, compared with $141 million for Mr. Trump and the Republican National Committee, according to the two campaigns. In April, the Trump team also brought in $25 million more than the Biden team.The Biden campaign said it entered June with $212 million on hand combined with the party. The Trump operation and R.N.C. have not released a full tally of their cash on hand since the end of March. A partial count on Thursday, revealed in Federal Election Commission filings, showed that Mr. Trump had amassed a war chest of at least $170 million with the party.Overall, Mr. Trump was a daunting $100 million behind Mr. Biden at the start of April. In two months, he cut that cash deficit by at least half.The full accounting of both sides’ finances will be made public in federal filings next month. But the combination of Mr. Trump’s improved fund-raising and Mr. Biden’s heavier spending on advertising this spring appears to put the two sides on a path to enter the summer relatively close to financial parity.“Yes, Trump is raising a lot more money now, and that should scare people,” said Brian Derrick, a strategist who founded a Democratic fund-raising platform called Oath. “But at the end of the day, Biden has the funds that he needs to run a really strong campaign.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 88 Shares149 Views

      in Elections

      Bloomberg Backs Biden With $20 Million Donation

      by

      Michael R. Bloomberg, who is the former mayor of New York City and a Democratic megadonor, has donated nearly $20 million to support President Biden’s re-election campaign, a Bloomberg representative said.Mr. Bloomberg gave $19 million to Future Forward, the main Democratic super PAC supporting Mr. Biden, and $929,600 to the Biden Victory Fund, a joint fund-raising committee between Mr. Biden and the Democratic National Committee, said Howard Wolfson, the Education program lead at Bloomberg Philanthropies.Mr. Bloomberg’s donation was first reported by The Washington Post.“I stood with Joe Biden in 2020, and I am proud to do so again,” Mr. Bloomberg said in a statement.Mr. Bloomberg, who spent $1 billion of his own money on his failed presidential campaign in 2020, ultimately backed Mr. Biden in the Democratic primary that year and was a significant financial supporter of his campaign. He spent tens of millions of dollars through his political action committee on television ads supporting Mr. Biden and vowed to spend heavily in Florida, which then-President Donald J. Trump ultimately won by about three percentage points.Mr. Bloomberg’s $19 million donation to Future Forward is significant, but pales in comparison to the super PAC’s spending ambitions for the election. The group has reserved a $250 million ad campaign in seven battleground states, starting in August and running through Election Day. More

    • 125 Shares99 Views

      in Elections

      Timothy Mellon Donates $50 Million to a Pro-Trump Super PAC

      by

      Timothy Mellon, a reclusive heir to a Gilded Age fortune, donated $50 million to a super PAC supporting Donald J. Trump the day after the former president was convicted of 34 felonies, according to new federal filings, an enormous gift that is among the largest single disclosed contributions ever.The donation’s impact on the 2024 race is expected to be felt almost immediately. Within days of the contribution, the pro-Trump super PAC, Make America Great Again Inc., said in a memo that it would begin reserving $100 million in advertising through Labor Day.The group had only $34.5 million on hand at the end of April, and Mr. Mellon’s contribution accounted for much of the nearly $70 million that the super PAC raised in May. On Wednesday and Thursday, the super PAC began reserving $30 million in ads to air in Georgia and Pennsylvania around the Fourth of July holiday.Mr. Mellon is now the first donor to give $100 million in disclosed federal contributions in this year’s election. He was already the single largest contributor to super PACs supporting both Mr. Trump and Robert F. Kennedy Jr., who is running as an independent. Mr. Mellon has previously given $25 million to both.Democrats have sought to portray Mr. Kennedy as a spoiler supported by Republicans, in part by emphasizing Mr. Mellon’s dual contributions and seemingly split loyalties. The pro-Kennedy super PAC has distributed quotations from the hard-to-reach Mr. Mellon, and for a blurb that appears on the cover of Mr. Mellon’s upcoming book, Mr. Kennedy called the billionaire a “maverick entrepreneur.”It is not clear what Mr. Mellon’s mega-donation means for his support of Mr. Kennedy going forward. He has so far toggled between giving to support both candidates. His most recent donation to Mr. Kennedy’s super PAC was a $5 million contribution in April.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 100 Shares179 Views

      in Elections

      Robert F. Kennedy Jr. Raises Just $2.6 Million

      by

      Robert F. Kennedy Jr.’s campaign has depended heavily on contributions from Nicole Shanahan, his vice-presidential pick, who did not make major new donations in May.Robert F. Kennedy Jr.’s presidential campaign raised just $2.6 million in May, a paltry sum that speaks to how reliant his bid has become on his running mate, the wealthy Silicon Valley lawyer Nicole Shanahan.The Kennedy campaign raised less in May than it had in any previous month in 2024, according to filings on Wednesday with the Federal Election Commission. That was in large part because Ms. Shanahan, who has poured millions into their independent presidential campaign, barely contributed any additional money in May.The total raised by Mr. Kennedy was essentially the same as what he raised in April, not counting Ms. Shanahan: He brought in $10.7 million that month, but $8 million came from her. Earlier, when he announced her as his running mate in March, she almost immediately threw $2 million behind the campaign.Mr. Kennedy ended May with $6.4 million on hand. And yet that figure is only somewhat revealing about his financial position because of the looming possibility that Ms. Shanahan, at a moment’s notice, could inject more money into their bid. She has been able to do so directly because while campaign finance laws bar people from donating more than $3,300 to a campaign, candidates themselves can give unlimited sums of their own money.And Ms. Shanahan, a philanthropist who was once married to the Google co-founder Sergey Brin, is said to have access to over $1 billion. She has not signaled if there is a limit to how much she might spend.Mr. Kennedy and his allies have some unique costs associated with their campaign — primarily ballot-access work that can be expensive.His campaign spent about $6.3 million in May, but almost half of that was routed through a limited liability company that focuses on ballot access. The money laid out was labeled “campaign consulting,” making his precise expenditures somewhat opaque. More

    • 175 Shares199 Views

      in Elections

      El sitio web de donantes de la campaña de Trump colapsa tras el veredicto

      by

      Donald Trump comenzó a solicitar donaciones por su condena por delito grave casi inmediatamente después del veredicto.[Estamos en WhatsApp. Empieza a seguirnos ahora]WinRed, el procesador de pagos para las donaciones de la campaña republicana, se cayó tras la condena por delito grave del expresidente Donald Trump, un problema técnico que su campaña atribuyó al número de personas que intentaban donar inmediatamente después del veredicto.“Tantos estadounidenses se animaron a donar a la campaña del presidente Trump que las páginas de WinRed se cayeron”, dijo la campaña de Trump en un comunicado en las redes sociales.El sitio web ya no muestra un mensaje de error al visitar la página de donaciones para la campaña de Trump, aunque no está claro si el sitio web funciona correctamente y procesa las donaciones. La campaña de Trump no respondió inmediatamente a una solicitud de comentarios.Trump comenzó a solicitar donaciones por su condena por delito grave, casi inmediatamente después de que se leyera el veredicto en el tribunal de Manhattan. En declaraciones en su sitio web de redes sociales, Truth Social, Trump publicó enlaces al sitio web de la campaña, que redirigía a la página WinRed, que no funcionaba correctamente.Esa página de donaciones muestra una gran imagen de la ficha policial de Trump, que fue tomada en Atlanta después de que Trump se entregara en la prisión del condado de Fulton por su caso penal de Georgia, con la leyenda “Nunca te rindas”. La página también describe a Trump como un “preso político” e hizo un llamado a “DIEZ MILLONES de patriotas pro-Trump” para que donaran antes de que acabara el día.Chris Cameron cubre política para el Times, centrándose en noticias de última hora y en la campaña de 2024. Más de Chris Cameron More