Biden campaign co-chair expresses frustration with big donors for withholding funds from the president: "No-win situation"

The co-chair of President Biden's campaign criticized big donors who withheld their contributions and suggested they had pressured Biden to abandon his re-election bid.

After Biden's poor debate performance, wealthy donors' actions created a self-fulfilling prophecy that led to Biden's decision not to run for a second term.

""For a president who has achieved so much, it was a no-win situation," he said."

Richmond conveyed a direct message to Biden's detractors: "It's time for those donors to increase their efforts."

In a Thursday morning interview on CNN, Richmond explained that his previous statements regarding the insignificance of his contributions to the Biden campaign were not accurate.

"I was absolutely furious with big donors," he stated.

Before Biden's announcement, top Democratic fundraiser Lindy Li stated that it was becoming increasingly challenging to secure donations for Biden.

Major donors who had pledged massive amounts of checks, including 7-figure checks, have suddenly disappeared, fallen off the face of the Earth, and rescinded their pledges, according to Li.

If Biden were to withdraw, it would be a "catastrophic mistake" and "political malpractice" to overlook Vice President Kamala Harris.

Harris raised $100 million from Sunday afternoon until Monday night, her campaign announced on Tuesday morning.

The Harris campaign highlighted that the fundraising following the president's announcement was from over 1.1 million unique donors, with 62% being first-time contributors.

On Monday afternoon, the Harris campaign emphasized the increase in fundraising by stating that the amount raised was the "record-breaking 24-hour raise in presidential history."

In the first 24 hours after Trump's conviction, the Republican National Committee raised nearly $53 million through their online digital fundraising platform, surpassing the 1-day haul of the former President Trump's campaign.

Planet Chronicle' Paul Steinhauser and Anders Hagstrom contributed to this report.