How have the donors reacted to Joe Biden’s decision to quit the race? Kamala Harris’s windfall gains and more

Synopsis

The donors who were earlier reluctant to part with their funds after the first presidential debate are now excited about the prospects of Kamala Harris replacing Joe Biden. The campaign team announced that it has raised the highest amount in US history for receiving donations over a period of 24 hours.

How have the donors reacted to Joe Biden’s decision to quit the race? Kamala Harris’s windfall gains

The floodgates have opened with donations pouring in for Vice-President Kamala Harris. This came immediately after President Joe Biden decided to end his election campaign. The Biden-Harris campaign team is reported to have raised a whopping $81 million within 24 hours after Biden ended his campaign. This is the highest amount raised by a party within a time period of 24 hours during this election season. This has been reported by Mirror.

While, previously many of the donors had opposed Biden’s nomination and stopped their donations, they are now appearing to be expressing their confidence in Kamala Harris.

It needs to be noted that the Vice-President has still not received any official presidential nomination and it is only the party’s national convention that will issue this coveted nomination.

Political donations:

The campaign team described this amount raised as the highest amount raised in a time period of 24 hours in the history of the US. Many of the donors such as Disney Abigail had previously opposed Joe Biden’s presidential nomination and stopped their donations to the party. The party coffers were drying up and this was one of the reasons which forced Biden to end his campaign.

Future Forward which is the largest PAC in Democratic Politics also announced that it has secured the commitment from donors to the tune of $150 million. The Harris campaign also added that 880,000 grassroot donors had donated and this included as many as 500,000 who were first time donors.

The donors who were holding back are now enthusiastically donating to the Harris campaign. The Vice-President is seeking her party’s presidential nomination and it is widely expected that her success in raising funds may tilt the nomination in her favor.

Many donors are in a ‘wait and watch situation’:

Many supporters who donate to the Democratic party are not yet ready to make a commitment. Vinod Khosla, a tech billionaire took to social media and demanded that the party give a fair opportunity to everyone during its national convention. He said that he will hold back and not donate till a candidate secures a nomination.

Similarly, John Morgan another donor who has already donated $1 million to the Biden campaign called on the other donors to participate and donate.

Donations to the Trump camp:

The former US President has managed to raise funds after he was convicted on 34 counts of felony by a jury in New York and after an assassination attempt on him. On both the occasions, within 24 hours, he raised $50 million and $38 million.

FAQs:

How important is political funding in the US Presidential election?
Any political activity will need capital. Simple activities like printing campaign materials, organizing events, travel and stay of candidates are some of the reasons which will need funding.

What are the arguments against political donations?
One major criticism is that it goes against the concept of free and fair elections in a democracy. The candidate who receives more funding will always have the advantage and may favor the donor in terms of policy decisions and awarding of contracts after elections.

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