Home » Wealthy Democrats Form $100 Million Fund for Alternative to Biden

Wealthy Democrats Form $100 Million Fund for Alternative to Biden

by Richard A Reagan

A group of prominent Democratic donors and strategists is creating a new political action committee (PAC) to support an alternative candidate to President Joe Biden for the 2024 presidential race.

According to a report from the New York Times, the Next Generation PAC aims to raise up to $100 million to back a candidate who could potentially replace Biden at the top of the ticket.

The initiative is being led by Mike Novogratz, a well-known cryptocurrency investor who previously supported Rep. Dean Phillips (D-MN) in the Democratic primary.

The group has yet to file federal paperwork but has already informed donors of its goal to raise between $50 million and $100 million. This fund could also support down-ballot candidates if Biden remains in the race.

The motivation behind this move stems from growing concerns among Democratic donors about Biden‘s capacity to campaign against former President Donald Trump and his ability to serve another four years in office.

These concerns intensified following Biden’s recent debate performance, which was marred by verbal slip-ups and moments where he lost his train of thought.

Notably, the Biden campaign is aware of this stealth project and has made efforts to dissuade participants from joining. Should the PAC successfully raise significant funds, it could benefit Vice President Kamala Harris if she steps in as the nominee, addressing the skepticism some major donors have about her leading the ticket.

Among the vocal critics of Biden’s continued candidacy is Gideon Stein, a donor with strong ties to the Democratic Party. He stated that his family would withhold approximately $3.5 million in planned donations to nonprofit and political organizations unless Biden steps down.

In a related development, wealthy Democratic donors, including Abigail Disney, are reportedly considering halting future donations to the party to pressure Biden to step aside.

Disney told CNBC, “This is realism, not disrespect. Biden is a good man and has served his country admirably, but the stakes are far too high. If Biden does not step down, the Democrats will lose. Of that, I am absolutely certain.”

Philantrophist Karla Jurvetson, who has contributed over $200,000 to the Biden Victory Fund this election cycle, has echoed similar sentiments on a private donor call, hinting that she might stop donations if Biden remains the candidate.

Despite these pressures, Biden has insisted he will not withdraw, attributing his debate performance to a hectic travel schedule and intensive preparation. The White House has also denied any discussions about Biden stepping down from the race.

The growing discontent among the Democratic donor class, prompted by fears of Biden’s impact on down-ballot races, is leading them to devise alternative strategies, including the formation of the Next Generation PAC.

As the debate continues, the Democratic Party faces increasing pressure from within to reconsider its 2024 strategy.

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