A group of top Democratic donors and strategists is pooling resources into a new political action committee to help fund an alternative candidate to President Joe Biden should he withdraw from the presidential race, according to a new report from the New York Times.
The fund, coined the Next Generation PAC, is aiming to raise as much as $100 million to help support a candidate who replaces Biden at the top of the ticket, according to the outlet. If Biden doesn’t drop out of the race, the money would then be used to fund down-ballot candidates.
The Next Generation PAC is being spearheaded by Mike Novogratz, a cryptocurrency investor who previously backed Rep. Dean Phillips (D-MN) in the Democratic primary, the outlet reported. The group has not yet filed federal paperwork, but PAC officials have reportedly told donors it hopes to raise between $50 million and $100 million.
People connected to the Biden campaign have heard of the possible stealth project and have attempted to convince those involved not to join, according to the outlet.
If the PAC manages to raise large sums, it could benefit Vice President Kamala Harris if she replaces Biden as the nominee, especially as some major donors have remained skeptical about her at the top of the ticket.
