President Biden has made it clear that he is not considering dropping out of the 2024 election rematch with former President Trump, despite growing pressure from within the Democratic Party. However, if Biden were to change his mind due to concerns about his mental fitness following a recent debate with Trump, the focus would shift to the substantial amount of campaign funds that have been raised.
Over the past year, Biden and Vice President Kamala Harris have amassed hundreds of millions of dollars for their campaign and various fundraising committees. These funds have been distributed among Team Biden-Harris, the Democratic National Committee, and state Democratic Parties nationwide, resulting in a combined total of approximately $240 million in cash reserves as of the end of June. The Biden campaign alone reported having over $90 million in its coffers by the end of May.
If President Biden were to withdraw from the race, the campaign funds could only remain with the campaign if Vice President Harris were to become the nominee. However, if another candidate were to secure the Democratic Party's nomination, the money would need to be refunded to donors.
Alternatively, in the event of Biden's withdrawal and Harris not becoming the party's standard-bearer, the millions of dollars currently held by the campaign could be transferred to a federal super PAC. This super PAC would then have the ability to utilize the funds for advertising on behalf of the new Democratic national ticket. It is important to note that super PACs are required by law to pay higher rates for ad time, which could present a potential drawback in this scenario.
