Joe Biden thought that he could catch up with Trump’s monetary lead.
But now all his hopes have been dashed.
The DNC got hit with a massive lawsuit that could severely hurt Joe Biden.
Despite the fact that Joe Biden has been doing better raising funds in recent months, he’s got far less cash on hand than Donald Trump going into the final stretch.
This should worry Democrats.
In 2016, Clinton’s campaign had $315 million to Trump’s $125 million and this time, Trump’s campaign has an $89 million edge over the Democrats.
If Clinton couldn’t win against Trump with more money and the polls more in her favor, Democrats should be feeling nervous about Biden’s chances of winning.
Democrat nominee Joe Biden could also be about to take a financial hit.
Former Libertarian presidential candidate Shaun McCutcheon filed suit on Friday against the Federal Election Commission in an effort to force them to declare a judgement on whether the $18 million Michael Bloomberg donated to the DNC was illegal or not.
Individuals are limited in the amount that they can donate each year to national party committees and currently the maximum is $35,500.
“Federal election law allows an individual to only contribute up to $35,500 per year to a political party – and that same limit applies to Mike Bloomberg’s transferred money– unless and until the FEC or courts approve Shaun McCutcheon’s request to do the same,” Dan Backer, attorney for McCutcheon, said in a press statement.
Bloomberg entirely self-financed his short, expensive and unsuccessful campaign out of his vast personal fortune.
He spent over a billion dollars on his campaign before suspending his campaign in March and endorsing Joe Biden and handing over $18 million to the DNC.
Bloomberg “already has a SuperPAC – but unless the FEC or courts rule otherwise this isn’t one of them. It shouldn’t be this easy to just buy off a political party, unless you’re rich as Bloomberg, apparently,” Backer added.
Shaun McCutcheon is testing whether it is possible for him to act in the same manner as Bloomberg and transfer $50,000 that he contributed to his campaign committee directly to the Libertarian Party.
“[I]f Bloomberg broke the law, then Shaun should be allowed to do the same thing. If not, then it completely destroys the entire concept of contribution limits, because then anybody could start a campaign, dump all their money in, and transfer it to the parties,” Backer told the DCNF in June.
If Bloomberg is allowed to channel his money through his campaign into the DNC, it may set a precedent according to former FEC Commissioner Brad Smith. “The statute is pretty clear that such transfers are allowed,” Smith told the DCNF in June. “Note that it’s right in the statute — this is not a creation of FEC regulation, but of Congress.”
While Bloomberg was serious about running for president, it may just become a convenient loophole in the future.
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