A demonstrator holds a shirt with a message for Biden outside a fundraiser for the president in East Hampton, N.Y., on Saturday. Photo: Amanda L. Gordon/Bloomberg via Getty Images
💰 Major Democratic donors are now planning to go bigger on contributions to House and Senate candidates in a bid to build a Capitol Hill firewall against a second Trump term they view as increasingly likely, Axios has learned.
Many big donors are waiting for more polling to assess Biden's chances — and determine the extent to which they'll keep raising money for a campaign many fear is in trouble.
But it appears to be the start of a political hedge, as skittish donors weigh where their dollars can have the most impact.
🗳️ It's also an acknowledgment that they view Biden's chances of besting Trump on Nov. 5 as diminishing. Their dollars might go further down-ballot.
💵 After the debate, multiple deep-pocketed Democratic donors indicated to party officials that they planned to boost their commitment to Senate candidates, a national Democrat with knowledge of Senate races told Axios.
Several donors already have sent new six-figure contributions,they said. Both they and several lawmakers also spoke on condition of anonymity because of political sensitivities.
The bump in fundraising has extended to House Democrats. One House Democrat told Axios they had the "easiest call time ever" after the debate —referring to designated periods in which House members dial up their top donors.
Many of the party's top fundraisers are worried that after Biden's record $127 million haul in June, funding for the president's re-election bid could start drying up in July, donors told Axios.
🔬 Zoom in: One major Democratic donor increased by 50% this week their support for the Democratic Senatorial Campaign Committee (DSCC), the campaign arm of Senate Democrats, the national Democrat said.
Sources on Senate Democratic campaigns in critical swing states told Axios large donors and grassroots contributors have helped them achieve major fundraising hauls in the days since the debate.
Senate Democrats are already out-polling Biden in almost every battleground state, and face an uphill battle in protecting their majority. They will need significant financial resources to pull it off.
