Joe Biden Joe BidenCast of 'Parks and Rec' reunite for virtual town hall to address Wisconsin voters Biden says Trump should step down over coronavirus response Biden tells CNN town hall that he has benefited from white privilege MORE’s fourth-place finish in Iowa earlier this week is expected to put a significant dent in his fundraising efforts in the weeks to come.

Interviews with prominent Democratic donors and fundraisers reveal a palpable nervousness and apprehension about throwing their support behind Biden’s weakened candidacy.

“His fundraising was already suffering. It has not been great,” said one Democratic bundler who has contributed to the campaign but has not supported the former vice president wholeheartedly. “And he’ll have a tougher time raising money now that he needs it."

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“It’s obvious he’s going to face major headwinds in the next two states,” the fundraiser added, referring to the New Hampshire primary and the caucuses in Nevada.

A second major donor who has written checks to Biden but has not endorsed Biden outright said he was leaning toward the former vice president in the days before the Iowa caucuses but now has some doubts.

“Why would I support him now?” the donor said. “I still believe he’s the best candidate to defeat Trump but he’s got a lot to prove. He’s running a weak campaign. People want to vote for someone, not against.”

Even before the Iowa results, one California fundraising event scheduled for Feb. 20 was pushed back to March 4, a day after more than a dozen contests are held on this cycle’s Super Tuesday. The event was pushed back without explanation, sources say, leaving some donors to wonder aloud if the Biden campaign couldn’t get enough attendees for the event.

Biden is also expected to host two events in New York on Feb. 13, according to a source familiar with the plans. Those events could help the former vice president fill his coffers before he heads into a pivotal point in the race where he will have to compete against former New York City mayor and billionaire Michael Bloomberg Michael BloombergTop Democratic super PAC launches Florida ad blitz after Bloomberg donation The Hill's 12:30 Report - Presented by Facebook - Latest with the COVID-19 relief bill negotiations The Memo: 2020 is all about winning Florida MORE, who is largely funding his own campaign.

Bloomberg is sitting out the first four contests in the race, but he is looming over the other candidates with his massive advertising push. If Biden falters, there may be pressure for him to get out of the way of Bloomberg.

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Several donors said they would consider donating to Bloomberg in the coming weeks if Biden’s campaign continues to struggle. Donors and fundraisers also say they would also consider backing Pete Buttigieg Pete ButtigiegBogeymen of the far left deserve a place in any Biden administration Overnight Defense: Woodward book causes new firestorm | Book says Trump lashed out at generals, told Woodward about secret weapons system | US withdrawing thousands of troops from Iraq A socially and environmentally just way to fight climate change MORE, the former South Bend, Ind., mayor.

These Democrats reflect the pull of centrists in the party who favor politicians such as Biden, Bloomberg and Sen. Amy Klobuchar Amy KlobucharEPA delivers win for ethanol industry angered by waivers to refiners It's time for newspapers to stop endorsing presidential candidates Biden marks anniversary of the Violence Against Women Act, knocks Trump and McConnell MORE (D-Minn.) over the race’s progressive candidates, Sens. Bernie Sanders Bernie SandersMcConnell accuses Democrats of sowing division by 'downplaying progress' on election security The Hill's Campaign Report: Arizona shifts towards Biden | Biden prepares for drive-in town hall | New Biden ad targets Latino voters Why Democrats must confront extreme left wing incitement to violence MORE (I-Vt.) and Elizabeth Warren Elizabeth WarrenWarren, Schumer introduce plan for next president to cancel ,000 in student debt The Hill's 12:30 Report - Presented by Facebook - Don't expect a government check anytime soon No new taxes for the ultra rich — fix bad tax policy instead MORE (D-Mass.).

Political observers say they expect more donors to turn away from Biden if he continues to slip.

“I think Biden is struggling because now the weak performance is starting to become real,” said Julian Zelizer, a professor of public affairs and history at Princeton University, who added that Buttigieg and Bloomberg are “offering very real moderate alternatives.”

“If he is shaky on Super Tuesday, I imagine the money would dry up pretty quickly,” Zelizer added.

Adam Parkhomenko, who founded the pro-Hillary Clinton Hillary Diane Rodham ClintonHillicon Valley: FBI chief says Russia is trying to interfere in election to undermine Biden | Treasury Dept. sanctions Iranian government-backed hackers The Hill's Campaign Report: Arizona shifts towards Biden | Biden prepares for drive-in town hall | New Biden ad targets Latino voters FBI chief says Russia is trying to interfere in election to undermine Biden MORE super PAC Ready for Hillary ahead of the former Democratic nominee's 2016 run, agreed, saying that Biden now has to walk a tightrope with fundraisers.

He noted that Biden has never been a big grassroots fundraiser.

“His challenge is even harder now,” Parkhomenko said. “It’s this balance of saying ‘Wait till Super Tuesday,' while also being able to meet the demands and resources of getting to Super Tuesday.”

With just a few days before the New Hampshire primary, Biden has sent out a string of fundraising emails asking supporters for help.

“We’ll keep this brief. If we don’t hit our $600,000 debate fundraising goal by tomorrow night, we could enter the New Hampshire weekend without the resources we need to succeed,” the campaign said in one email sent Thursday.

A second email Friday morning asked supporters to contribute $5 to the campaign.

“Joe Biden is our best chance to make Trump a one-term president,” the email said. “He’s the only one defeating him in key battleground state polls that Democrats have to win in November. But first, we need to get through this primary—and we have MUCH less cash on hand than other candidates.”

In recent days, Biden cancelled an ad buy of $119,000 in South Carolina, one of the early states where he has maintained a sizable lead over his competitors.

At the same time, a pro-Biden super PAC announced plans this week to spend just under a million dollars worth of ads in New Hampshire in support of the former vice president.

The super PAC might also have to throw in money to contend with Sanders, who is set to spend more than $5 million on television and digital ads in states including South Carolina, North Carolina, Colorado and Tennessee.

A number of big money donors who are not yet locked down with Biden have also been on the receiving end of calls from the Buttigieg and Bloomberg campaigns.

“I like Joe a lot but I want to find the right candidate who can win,” one fundraiser said.