By Alexandra Ulmer
(Reuters) – U.S. Representative revealed in an exclusive interview with Reuters on Thursday that he is injecting approximately $2 million into his campaign. The purpose of this infusion is to finance his audacious campaign to challenge President Joe Biden for the Democratic presidential nomination. In addition, Phillips mentioned attending fundraisers in major cities to bolster his campaign.
Phillips, a wealthy entrepreneur and co-founder of a gelato company, is capitalizing on Biden’s lackluster approval ratings and voter concerns about the president’s age. He formally announced his candidacy last week.
When asked about the funding for his campaign, Phillips stated, “I have provided a financial foundation for my campaign because it was necessary. Although it may not be the maximum amount, I consider it intentional to achieve my goals.”
The three-term congressman from Minnesota’s swing district emphasized that he will steer clear of lobbyist money and avoid outside fundraising groups that work on his behalf. He intends to focus instead on grassroots support and contributions from ordinary citizens. “I firmly believe that money in politics has a detrimental impact,” Phillips said, expressing his preference for prioritizing concerns of average voters over donor interests.
Nevertheless, Phillips acknowledged that he will be attending fundraisers with individual donors who can contribute a maximum of $3,300 in the presidential primary fight. He disclosed plans to campaign and raise resources in cities such as Los Angeles, San Francisco, New York, Chicago, and Miami.
During the third quarter, Biden’s reelection team and his party announced raising a noteworthy $71 million. In contrast, Phillips mentioned uncertainty about his own fundraising figures since launching his campaign. While receiving numerous calls from significant donors, he did not provide specific details.
Despite Phillips’ entry into the race, it is highly unlikely that he will pose a significant challenge to Biden’s nomination, considering the president’s significant resources and official party support. Additionally, the Democratic party has reshaped its nominating contest calendar to ward off early challengers.
However, Democrats remain cautious of any potential threat to Biden that could undermine the party’s chances against the probable Republican nominee, Donald Trump.
Opinion polls indicate that Democrats and Democratic-leaning independents desire an alternative to Biden as the party’s nominee, primarily due to concerns about his age.
Speaking to a crowd in San Francisco, Phillips stated, “I believe Joe Biden is a decent man, but after 50 years in politics, he is probably one of the only Democrats who could lose against Donald Trump. And, to be frank, he most likely will.”
(This story has been refiled to clarify that the loan is for Dean Phillips’ campaign in paragraph 1)
(Reporting By Alexandra Ulmer; Editing by Leslie Adler)
