Several significant Democratic donors have informed Future Forward, the largest pro-Biden super PAC, that they are withholding approximately $90 million in pledges unless President Joe Biden steps down from the ticket. This information comes from two sources briefed on the matter.
The withheld contributions include multiple eight-figure commitments. The decision to freeze such large sums of money is a direct response to Biden’s poor debate performance in late June.
Future Forward declined to comment on donor discussions or the amounts of pledged money being withheld. A spokesperson for the group stated they expect donors who paused their contributions to resume once the uncertainty surrounding the ticket is resolved.
Separately, one donor mentioned being repeatedly approached by Future Forward for contributions since the debate but stated that he and his associates have been “holding off.”
The identities of the donors pulling back the promised funds, estimated to total around $90 million, remain undisclosed. It is unclear how much of the pledged money was intended for Future Forward’s super PAC versus its nonprofit arm, which also runs advertising in key battleground states.
Another insider close to the group noted that the super PAC has been avoiding major strategic decisions until there is clarity on the presidential ticket. However, Chauncey McLean, Future Forward’s president, disputed this, saying, “Our decisions are solely made in service of supporting President Biden based on the resources available to us.”
An aide to billionaire Reid Hoffman, who has donated $7 million to the super PAC, criticized the funding freeze. Rae Steward, Hoffman’s advisor, stated, “A funding freeze is a problematic strategy at this point in the election cycle. If donors want to make a statement by withholding capital from Future Forward or the Biden campaign, they should consider larger donations to progressive nonprofits that are neutral about the ticket.”
Steward mentioned that Hoffman donated an additional $3 million to the super PAC last month, before the debate.
The funding freeze occurs as some Biden advisors discuss persuading him to exit the race and as his campaign tests Vice President Kamala Harris against former President Donald Trump in polls. The number of congressional Democrats urging Biden to step aside is increasing.
The potential shortfall in super PAC funds comes as the campaign anticipates a challenging July fundraising period, with major donors questioning Biden’s chances of winning in November.
Despite the challenges, Biden remains resolute. In a Thursday evening news conference, he asserted, “I believe I’m the best qualified to govern, and I think I’m the best qualified to win.”
Future Forward, designated by Biden’s campaign as its leading super PAC early in the 2024 race, has announced $250 million in television and digital advertising to begin after the Democratic National Convention next month.
A leaked poll from a group closely associated with Future Forward revealed the super PAC tested potential Biden alternatives, including Harris, California Governor Gavin Newsom, Michigan Governor Gretchen Whitmer, and Transportation Secretary Pete Buttigieg. The poll indicated Biden had a lower overall favorability rating compared to these alternatives.
Before the debate, Future Forward convened donors to discuss fundraising and the state of the race. Officials informed donors that between the super PAC and its nonprofit arm, they aim to raise over $700 million for the election and had already secured $430 million.
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