Former Vice President Joe Biden’s presidential campaign is fundraising off its lack of cash on hand, admitting it has a finance problem after the third quarter of fundraising of 2019.
“I hate to say it, but our opponents are way ahead of us when it comes to money in the bank,” Elana Firsht, Biden’s online fundraising director, said in a Friday, Oct. 18, fundraising email to supporters. “If we don’t pick up the pace here, we might have to make budget cuts that could seriously hurt our momentum in this primary.”
The fundraising email came after filings with the Federal Election Commission showed that Biden ended the third quarter with just under $9 million cash on hand, significantly less than his top rivals. President Donald Trump and the Republican National Committee raised more than $156 million in cash on hand in the third quarter of fundraising.
Biden’s cash burn rate was 30% higher than his top rivals as he is spending money at a greater rate than the amount he raised, according to the Washington Examiner.
Biden had a poor performance in the Democratic Party’s October debate on Tuesday night, Oct. 15, stumbling through questions on impeachment and his son Hunter Biden’s role on the board of a Ukrainian natural gas company while he was vice president.
“On Sunday,” CNN’s Anderson Cooper said, “you announced that if you’re president, no one in your family or associated with you with be involved in any foreign businesses. My question is, if it’s not OK for a president’s family to be involved in foreign businesses, why was it OK for your son when you were vice president?”
Biden entangled himself in giving a response: “On the – look, the fact that George Washington worried on the first time he spoke after being elected president that what we had to worry about is foreign interference in our elections, it was the greatest threat to America.”
The Bidens are facing extensive scrutiny over Hunter Biden’s business dealings in Ukraine and China, prompting Hunter Biden to step down from board of a Chinese company this week.
Biden’s controversies and performance in the debate sparked criticism from host Bill Maker of HBO’s “Real Time,” who wondered if Biden has to “go away” to avoid damaging the Democratic Party like former Sen. Al Franken (D-Minn.) did.
“Joe Biden has a little Ukraine problem too. He didn’t answer that question too well, I thought, in the debate. He didn’t own it. His son was getting 50 grand a month to do nothing in a field he knew nothing about. It’s very swampy,” Maher said.
“My question is this: Al Franken had to go away for the Democrats. Because they said, well, we have to be like Caesar’s wife on the #MeToo issue. We can’t have any tainting on that, so that the Republicans can’t say, ‘Oh, you guys are bad on that too.’ Doesn’t the same apply to Ukraine and Joe Biden?” he asked.