Biden’s Campaign Fundraising: A Snapshot

Update on Presidential Campaign Funds

The presidential campaign fundraising landscape has seen some significant changes, especially after a recent high-profile debate performance and a stunning assassination attempt. In this article, we will delve into the latest Federal Election Commission (FEC) filings, exploring the financial prospects of the major party candidates and how their funds will be utilized.

A Slow Start in July Fundraising for Biden’s Campaign

According to the FEC, the Biden campaign entered July with $96 million in its bank account. However, this figure excludes the national Democratic Party apparatus and political action committees that have contributed to the election. After spending $243 million through June, the campaign’s coffers were somewhat depleted.

Reports suggest that top donors were hesitant to contribute during the first half of July, largely due to concerns about Biden’s election prospects. In fact, some donors reportedly refused to provide financial support unless the former President dropped out of the race.

Trump Closes the Fundraising Gap

On the other hand, the Trump campaign appears to have seen a significant surge in donations, likely sparked by the assassination attempt. At the end of last month, Trump’s campaign boasted $128 million in its bank account. While this still leaves a substantial gap compared to Biden’s campaign, the situation has improved dramatically since earlier this year.

Harris’s Role and Access to Campaign Funds

Vice President Kamala Harris, who was recently endorsed by Biden to take his place on the ticket, will have access to the existing campaign funds for the general election if she becomes the presidential or vice-presidential nominee. This is according to a note from Trevor Potter, former FEC chairman and current president of the Campaign Legal Center.

Rules Guiding Campaign Funds in the Event of a Nominee Withdrawal

Should Biden step down from the election, the FEC rules and Democratic Party regulations would dictate where the remaining funds can be utilized. Potter notes that under these rules, the funds can be allocated to the national Democratic Party, state parties, or returned to donors.

Alternatives to Candidate-to-Candidate Contributions

In the event Harris is not on the ticket, the existing campaign funds are subject to federal rules limiting candidate-to-candidate contributions to $2,000 per election. Potter advises that the campaign committees can also consider refunding donations or transferring funds to the national Democratic Party or state parties. The committees can then spend some funds in coordination with the eventual nominee.

Conclusion

The presidential election campaign is heating up, with financial stakes reaching a fever pitch. As the race takes shape, it is essential for voters to be aware of the campaign’s financial prospects. The developments discussed above should provide insight into the complex process of campaign fundraising and the potential impacts on the outcome of the election.

FAQs

Q: What is the current financial standing of the Biden campaign?
A: As of July, the Biden campaign has $96 million in its bank account.

Q: Why did top donors reportedly delay contributing to the Biden campaign in July?
A: Due to concerns about Biden’s election prospects, many donors refused to provide financial support unless he dropped out of the race.

Q: How has the Trump campaign’s fundraising improved?
A: Reports suggest a surge in donations following the assassination attempt, resulting in $128 million in the campaign’s bank account at the end of last month.

Q: What role does Harris play in accessing campaign funds?
A: If Harris is the presidential or vice-presidential nominee, she will have access to existing campaign funds for the general election.

Q: How are campaign funds regulated in the event of a nominee withdrawal?
A: FEC rules and Democratic Party regulations dictate where remaining funds can be allocated, including returning donations or transferring funds to the national Democratic Party or state parties.

Author: fortune.com

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