Washington.- President Biden has emphatically said he will not withdraw from the presidential race. Although if he does, there is a reason or two why many leaders in his party believe the next nominee could be Vice President Kamala Harris.
There is a Democratic base, easier logistics, and history must be made.
And yes, there is also the question of money.
If Democrats pull off the stunning flip-flop of their leading contender, what happens next has no modern precedent — including campaign finances.
Although we know few details:
Kamala Harris would have a $91 million advantage, as Biden and Harris have raised hundreds of millions of dollars for their re-election in the past two years.
That money has been split between the Biden campaign, the Democratic National Committee, nearly every Democratic Party state, and various committees that jointly raise funds and circulate the money among all of those entities.
As of June 30, all of those groups had about $240 million in cash on hand. Most of that — say, the amount accumulated by the Democratic National Committee — would not be affected by the change in presidential nominee.
The largest amount of money, however, is in the Biden-Harris campaign accounts: $91 million as of May 30.
The campaign has not disclosed how much it has as of June 30.
That money was raised by Biden and Harris and belongs to them and they are the only ones who can access it.
So if Biden gives up his spot and Harris is officially nominated, including her running mate, the new competitors would not face a financial disruption.
She would have immediate access to that amount, which is an important consideration given that former President Donald J. Trump and Republicans have quickly caught up with Democrats in fundraising.
If the new nominee were not Harris but someone like Gov. Gretchen Whitmer of Michigan or Gov. Gavin Newsom of California, nearly all of the campaign’s $91 million would have to be refunded to donors, which is a long shot.
Some opponents of Biden’s candidacy say removing him from the ballot could generate a lot of excitement and encourage small donors and some big ones to support the campaign of a younger Democrat, with a limit of $3,300 per person.
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