President Joe Biden’s decision not to seek a second term has reverberated through the Democratic Party, sparking a mix of frustration and fresh opportunities.

Biden announced on Sunday that he would not pursue re-election, citing insufficient financial backing from key donors, and one of his top allies is speaking out about the abrupt cessation of that support, as Fox News reports.

Cedric Richmond, Biden’s former campaign co-chair, expressed his discontent with the donors, accusing them of contributing to a scenario that led to Biden's decision. Richmond emphasized that the lack of funds from heavyweight donors post-Biden's debate performance created an insurmountable challenge for the campaign.

Richmond Expresses Frustration at Large Donors

During a CNN appearance on Thursday morning, Richmond reiterated his deep frustration with the major donors. "Was I pissed off at big donors? Absolutely," he stated. Richmond argued that these wealthy backers had backed away from their financial commitments, leaving the campaign in a dire predicament.

Richmond was vocal about his displeasure, adding that these donors had set Biden up for a "no-win situation." He highlighted the continuous loop of needing significant funding to secure a win, only for the responsibility to be unfairly placed solely on President Biden.

"You can't win without money, and then they were going to point the finger at the candidate," Richmond remarked. "For a president that has accomplished so much, it was a no-win situation."

Top Fundraiser Describes Funding Challenges

Lindy Li, a prominent fundraiser, echoed Richmond's concerns. Li noted that substantial pledges from major donors had evaporated, significantly hindering the campaign’s ability to maintain momentum. "Fundraising has – big money fundraising has slowed," she observed.

Li added that key financial supporters who had previously committed seven-figure checks had "fallen off the face of the Earth" and pulled back their commitments. This withdrawal of pledges further complicated the campaign’s efforts.

She also warned against overlooking Vice President Kamala Harris in the party’s leadership transition. She emphasized that failing to support Harris would be a significant political misstep.

Kamala Harris Sees Surge in Donations

Following Biden’s announcement, Harris emerged as the Democratic Party's presumptive nominee. Biden formally endorsed Harris, pledging his support to her campaign.

In a remarkable turn of events, Harris’s campaign experienced an unprecedented fundraising boost. From Sunday afternoon to Monday night, Harris's campaign reportedly raised $100 million.

This significant sum came from over 1.1 million unique contributors, with 62% being first-time donors. The campaign touted this as the "largest 24-hour raise in presidential history."

Record-Breaking Fundraising Effort for Harris

The $100 million raised by Harris's campaign outpaced the nearly $53 million raised by former President Donald Trump and the Republican National Committee within 24 hours after Trump's conviction in New York City on 34 felony counts.

Harris's team credited this monumental achievement to widespread grassroots support and Biden's endorsement, which energized her base.

Richmond, in his comments, called on the same big donors who had backed away from Biden to now support Harris vigorously, underscoring the ongoing need for significant financial contributions in political campaigns.

Conclusion

President Biden's decision to step down from seeking re-election ignited a wave of frustration within his campaign, particularly targeting major donors who withdrew financial support.

Cedric Richmond and Lindy Li, significant figures in Biden’s initial campaign, emphasized the impossibility of a successful run without adequate funds.

With Biden endorsing Kamala Harris as the Democratic nominee, her campaign witnessed an extraordinary influx of donations, setting a new record. However, Harris's continued success will hinge on sustained and vigorous support from large donors who were missing in Biden's campaign.