Democratic Donors Freeze $90 Million Until Biden Steps Down from Presidential Race

Several major donors to the U.S. Democratic Party have put a freeze on the transfer of $90 million in contributions until the party replaces President Joe Biden with another candidate for the upcoming presidential elections. This was reported by The New York Times, citing its sources.

According to reports, the group of donors has adopted a wait-and-see attitude and will not make any decisions until there is clarity on who will be the Democratic candidate in the presidential elections. The New York Times highlights that this is one of the most striking examples of the fallout from Biden's poor debate performance.

The publication notes that this situation only worsens the fundraising prospects for Biden's campaign in July, as many major donors express doubts about the incumbent administration's ability to win the presidential elections scheduled for November. On June 27, a debate took place in Atlanta, Georgia, between Biden and his Republican opponent Donald Trump. According to an Express poll by CNN, two-thirds of the audience following the debate awarded victory to Trump.

The Wall Street Journal has reported that panic has begun among Democrats in Congress due to Biden's unsuccessful performance during the debate. Some party representatives have publicly urged the president to step aside and allow a younger politician to take his place in the race.

The presidential elections in the U.S. are scheduled for November 5. Trump has already gathered the necessary number of delegate votes to become the Republican nominee for the presidency. Biden, who is running for a second term, has received sufficient support from Democratic delegates. The nominations will be confirmed at party conventions later this summer.