Biden’s resignation|If Kamala Harris is selected as the Democratic nominee, the $96 million transfer of the Biden–Harris campaign accounts was successful. It is more difficult for other candidates to transfer those funds.
The summary is made by artificial intelligence and checked by a human.
Biden’s withdrawal makes Harris the most likely Democratic nominee.
Harris and Biden raised hundreds of millions of dollars for their re-election.
The $96 million funds have been raised exclusively for the Biden-Harris combination.
The Democratic Party may transfer funds to the Central Committee.
of the United States presidential Joe Biden the withdrawal was made by the vice president Terrible about Harris immediately in the fall presidential race of the Democrats’ most likely candidate, The New York Times (NOW) write.
One of the main reasons is, of course, that Biden himself endorsed Harris as his successor.
Another reason is money.
Terrible Harris and Joe Biden have together raised hundreds of millions of dollars in recent years for their re-election. As of June 30, the money totaled $240 million.
These funds have been distributed to the Biden campaign, the Democratic Party, and various fundraising entities in different states.
Most of the $240 million pot belongs to the Democratic Party, and allocating it to the new candidate and especially to Kamala Harris should not cause problems, NYT estimates.
However, the 96 million dollars that have been collected exclusively for the Biden-Harris combination may become a problem.
Those funds can only be used for Biden and Harris.
THE New York Times estimates that using the funds raised for the Biden–Harris duo directly for Harris’s election campaign would probably be quite unproblematic.
However, Republicans disagree.
They have already presented on social media that according to the law the funds should not be used when the main candidate changes.
If someone other than Harris is chosen as the Democratic candidate, the 96 million dollars should perhaps be returned to the donors.
However, according to NYT, there would be one deviation here as well.
Donations earmarked for the primaries can be used for anyone’s benefit before next month’s Democratic caucus, where the party officially chooses its presidential candidate.
But if someone other than Harris is selected as the presidential candidate at the caucus, it is possible that the $96 million pot should be returned to those who claim it.
Campaign funds there is very little case law on diverting to a new use.
When Michael R. Bloomberg withdrew of the 2020 Democratic presidential primary, he had $18 million left in his campaign accounts.
At that time, Bloomberg was able to transfer all the money to the Democratic Central Committee.
About that was arguedbut the Federal Election Commission upheld the legality of the move last year.
Michael Bloomberg.
THE New York Times thinks that the Democratic Party can at this point try to transfer the funds of 96 million dollars to the use of the party’s Central Committee.
For some billionaires who support Democrats, the fate of less than a hundred million dollars may be a small matter in the end.
For example, the governor of the state of Illinois and the heir to the Hyatt hotel empire JB Pritzker has spent $350 million on his two gubernatorial campaigns alone.
According to NYT’s estimate, he could easily write a check for well over 96 million dollars to the Democratic Party to support the presidential candidate.
If the $96 million in campaign support raised for Biden and Harris cannot be used, the knowledge of that may encourage small donors to loosen their purse strings.
JB Pritzker.
Joe Biden has so far spent significantly more money on his campaign than the Republican candidate Donald Trump.
To the Federal Election Commission (FEC) of the submitted notifications according to Biden spent 60 million dollars on campaigning in June, while Trump’s campaign organization announced that it only spent 10 million dollars.
The FEC’s figures do not show any other use of funds by parties and partners.
News agency Bloomberg’s according to many Democratic supporters, the most important thing has been beating Trump, not who wins him.
In 2020, Democratic supporters gave a total of more than $1 billion to Biden’s presidential campaign.
Correction 22.7. at 6:19 p.m.: Corrected in the caption, which previously incorrectly read that the photo was from this July. The picture was taken in May of last year.
Correction 22.7. at 22:07 $240 million had been raised to re-elect Biden and Harris by June 30, not July, as the story erroneously stated earlier.
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