US President Biden fundraisers on hold, July donations plummet: Reuters sources say

Several of US President Joe Biden's reelection campaign fundraisers are on hold, multiple Democratic sources involved in the events told Reuters on Friday, even as the Democratic Party planned to accelerate his nomination and he vowed to continue in the 2024 race.

Biden had planned to raise money in Austin, Denver and California next week, but these plans have been shelved, at least for now, the sources said. The president tested positive for COVID-19 on Wednesday but said Friday he would return to the campaign trail next week.

Biden's campaign said his fundraisers would go ahead as planned. "Reuters' sourcing is incorrect, and we look forward to a robust fundraising schedule," campaign spokesman Kevin Munoz said on Friday.

A source familiar with the situation said former late-night comic David Letterman would headline a fundraiser for Biden at the home of Hawaii Governor Josh Green in about 10 days, a sign of forward movement for Biden.

A number of big donors are closing their checkbooks amid questions about whether Biden should remain at the top of Democratic Party ticket, the sources said, using their financial clout to tell Biden to drop out of the Nov. 5 race, potentially in favor of Vice President Kamala Harris.

The campaign hoped to raise some $50 million in big-dollar donations in July for the Biden Victory fund but was on track for less than half that figure as of Friday, according to two sources familiar with the fundraising efforts.

"There are a lot of donors who have said they won't put another dime in this race. The question is if Biden stays in the race, will they come back?" said one major East Coast campaign financier.

Biden raised $28 million in one night in June at a Hollywood fundraiser that was hosted by the actor George Clooney, who later urged Biden to end his campaign.

The official noted that the campaign has 10 campaign fundraisers on the schedule for this month.

More than one in 10 congressional Democrats have now publicly called on the incumbent to drop out following a disastrous June debate against Republican Donald Trump that raised questions about Biden's ability to win or to carry out his duties for another four years.

Reuters