photo: whitehouse.gov
POLITICO - The idea that Kamala Harris won't be able to raise money has been quickly dismissed, with enthusiasm for her presidential bid hinging on who she's up against and who she's replacing. Major Democratic donors are already flocking to Kamala Harris, and the main reason, they say, is simple: She's not Joe Biden.
Her presidential campaign raised more than $200 million in its first week, and the Democratic super PAC Future Forward said it received pledges of $150 million after Biden's departure. The wave of big-dollar donors, defying predictions that the vice president would not be able to reach the party's class of fundraisers, was particularly striking because of some donors' previous aversion to contributing to a president they considered a doomed candidate.
Donors told POLITICO that with Harris taking Biden's place at the top of the ticket, they are now more willing to support the Democratic presidential nominee again. Some were also motivated by a desire to defeat GOP nominee Donald Trump.
"I've talked to more people who were just in a general sense more reserved about President Biden, and now they're very enthusiastic," said Mozelle Thompson, a former Federal Trade Commission commissioner and Democratic donor. "The difference in enthusiasm has been erased."
It's early days yet, but the flow of money is so strong so far that one donor adviser has even warned some donors to slow down until the campaign dynamics show where the money is most needed. Venture capitalist Bradley Tusk has decided not to contribute significantly to Biden's re-election campaign - but with Harris being the Democratic nominee, he reportedly plans to give at least $100,000 in support of her. With Biden leading the ticket, the funding would not have been worth it, but Harris' chances were significantly better than Biden's. And unlike the president, Harris did not "fall asleep" and give "crazy answers."
"I understand that people may grumble and she may not be their first choice," Tusk said. "But the reality is this: Do you want Trump back or not? And if the answer is no, there is now a candidate who is viable."
Harris was running for the White House in 2020 two months before the first Democratic caucus or primary. At the time, her campaign's financial resources were dwindling, and the then-senator from California explained that her campaign "doesn't have the financial resources we need to continue."
"As the campaign went on, it got harder and harder to raise the money we needed to compete," Harris said when she announced she was stepping down.
Even after she took over as vice president, donors remained skeptical of Harris. Some have discussed replacing her, with one improbably suggesting that Biden should nominate Harris to the Supreme Court to keep her off the 2024 ballot.
However, in the early stages of the current election campaign, her team appears to have elevated her standing with party donors and scheduled opportunities for her at events with donors. One Democratic donor, a longtime Harris supporter, pointed out that she "has substantially strengthened her brand in a short period of time." This person, who was granted anonymity to speak about private conversations among donors, said that even those who initially wanted an open convention quickly gravitated toward Harris' candidacy.
But there were still some donors who didn't think she could win, the person said, adding that it was a small group. The tension between Harris and the donor class underscores that most of the party's fundraisers, like the former candidate director, are older white men. Among those who doubted Harris's fundraising abilities, "there was skepticism generally from white males," said donor adviser Alexandra Acker-Lyons.
And while Harris's identity as a black woman and a South Asian may have once raised doubts among this traditional donor base, her candidacy is bringing in money from new parts of the party. Among South Asian donors, the excitement about Harris' rise to the top of the ticket is "off the charts," said Raj Goyle, a former Kansas state representative who worked on Barack Obama's 2012 campaign and co-founded the nonprofit Indian American Impact, which mobilizes voters.
"I think people have tried for years to use her bisexual identity and multi-ethnicity as a reason to criticize her, whereas many of us see that as a strength," Goyle said.
Acker-Lyons argued that Harris' earlier financial problems were a result of the competitive 2020 primary. During that cycle, the party's money was divided among Democratic candidates and Harris had not yet been introduced to a national audience, Acker-Lyons said. But now, after endorsements from California Gov. Gavin Newsom and former House Speaker Nancy Pelosi, for example, their networks of donors are part of Harris' network, she added.
Acker-Lyons said people who haven't made a significant contribution since 2020 or 2022 are calling her and asking, "Where do I contribute?" Those donors give primarily five- or six-figure amounts, she said. "They're excited again, right? They have hope and optimism that we can win again."
Acker-Lyons even advised donors to suspend their donations until Harris announces her vice presidential candidacy and new poll results emerge. At that point, she said, investment priorities will become clearer.
Biden had trouble raising money towards the end of his campaign and completely lost what was a distinct fundraising advantage over the Trump campaign. At the end of June, the Democratic project, comprising the Biden campaign, the joint fundraising committees and the Democratic National Committee, had a total of $237 million in cash on hand, while the entire Trump campaign had $281 million.
After the controversy, growing calls for Biden to step down, including from Democratic donors such as Netflix executive chairman Reed Hastings and actor George Clooney, have only added to the confusion among Democratic Party leaders and operatives.
But Biden's resignation and the rise of Harris offered a new sense of optimism among donors who had lost hope in the Democratic nominee. One donor, who wished to remain anonymous to describe the uncomfortable dynamic within the Democratic Party, said that after the debate, he simply could not contribute to Biden anymore.
"When the debate came up and it just seemed like a disaster, we weren't going to contribute again," the donor said of his and his partner's decision not to give money to Biden's campaign again. "So now that Kamala Harris is the presumptive nominee, we're definitely going to give more and support more."
Not all of the party's biggest donors are behind Harris. Donor and lawyer John Morgan, who has repeatedly expressed his dislike for the vice presidential candidate, has said he won't give more campaign money to her. Morgan said he has consistently cut back on money for Democratic candidates since former President Bill Clinton's 1996 campaign.
Biotech venture capitalist Neil Exter admitted that Harris would probably not be his first choice to head the ticket. No one knows "whether she will be a good candidate for the next 100 days or not," he said. Still, he would give money to support a candidate if necessary, because at this point, he said, Democrats have no choice.
"I wouldn't give her money because of who she is - rather, I give her money because I really don't want Trump to be president," he said.
POLITICO/gnews.cz-jav_07
https://www.politico.com/news/2024/07/30/kamala-harris-fundraising-00171630
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