WASHINGTON—President Barack Obama’s biggest campaign donors are mostly sitting on the sidelines of the 2016 Democratic presidential primary so far, not opening their wallets in support of Hillary Clinton or Bernie Sanders.
Almost four-fifths of the people who gave the 2012 maximum $5,000 to the president’s re-election committee hadn’t donated to a presidential candidate by Oct. 1, a Wall Street Journal analysis of federal campaign finance records found.
In interviews ahead of this Saturday’s Democratic debate in Iowa, donors said Mrs. Clinton, the party’s front-runner, hadn’t motivated them to give the way Mr. Obama and previous Democratic candidates had. Still others said they are put off by the larger role of super PACs and that their donations to candidates, which are limited in this election cycle to $5,400 for the eventual nominee, just don’t matter much anymore.
“I’m just not ready for Hillary yet,” said Robert Finnell, a Rome, Ga., lawyer who gave the maximum allowed contribution to Mr. Obama’s 2008 and 2012 campaigns and gave significant sums to 2008 hopeful John Edwards and 2004 Democratic nominee John Kerry. “It’s not that I don’t think she’s competent—she is competent, she’s just hard to like.”
The donors’ reluctance could be a troubling trend for Mrs. Clinton. They are some of the easiest prospective contributors to identify, given that their names are on Mr. Obama’s campaign disclosure reports, and that they’ve already made a habit of cutting checks to politicians.