Trump's Tariff Plans Have Inflation Risk: David McCormick

Pennsylvania is a swing-state likely to help determine the outcome of Biden’s reelection bid against Trump and control of the upper chamber of Congress, where Democrats are fighting to hold onto their slim Senate majority.

McCormick’s personal wealth and strong Wall Street ties as the former chief executive officer of Bridgewater Associates are a major asset to Republicans as he seeks to unseat Democratic Senator Bob Casey.

McCormick boasts several billionaires as donors, including Citadel’s Ken Griffin, Blackstone’s Steve Schwarzman and Elliott Management’s Paul Singer, according to Federal Election Commission filings.

The list of supporters highlights the Republican party’s eagerness to retake Senate control in the 2024 elections with several Wall Street executives who opted to hold off donating in the GOP presidential primary fight instead putting their money into boosting the party’s chances in down-ballot races for the House and Senate.

A June poll by Marist College found Casey is leading McCormick, 52% to 46%, among Pennsylvania registered voters — including those who are undecided but leaning toward a candidate.

McCormick also ran for Senate in 2022, losing the nomination to television personality Mehmet Oz, who won the support of Trump in that primary contest.

Trump would attack McCormick during that race, calling him “the candidate of special interests and globalists and the Washington establishment.” Oz would go on to lose the race to Democratic Senator John Fetterman.

This time, McCormick has Trump’s endorsement, with the former president and presumptive Republican nominee offering his support at a rally in April. McCormick had endorsed Trump for president in March.

His campaign has raised $10.8 million, including $2 million from his own pocket, since he entered the race, and the super political action committee supporting his bid raised $21.5 million since it was formed in August, according to FEC filings.

–With assistance from Sonali Basak, Joe Mathieu, Bill Allison and Gregory Korte.

(Credit: Bloomberg)