Wealthy Democratic donors who feel that a different nominee would give the party a better chance of winning the White House are keeping their concerns about President Biden to themselves, worried that any action against him could backfire.
The party’s affluent class is closely watching post-debate polls and the reactions of elected Democrats for any signs of wavering support for Mr. Biden.
Previous attempts by donors to pressure Mr. Biden into stepping down as the party’s presidential candidate have not gained traction or have been met with resistance from other contributors and operatives.
The standoff reflects a larger dilemma within the party on how to address a challenging situation that could provoke internal conflicts, alienate key groups, strain personal relationships, and benefit a Republican candidate that most donors view as a threat to democracy.
The situation began to unfold shortly after the debate.
During a breakfast meeting in Aspen, Colorado, convened by the super PAC American Bridge, nearly 50 Democratic donors were asked to raise their hands if they believed Mr. Biden should step aside. The majority of attendees raised their hands, according to sources present at the meeting.
Some members of the Democracy Alliance network suggested issuing a public statement urging Mr. Biden to resign, sparking a heated debate within the group. However, the board ultimately decided to continue supporting Mr. Biden after the debate.
In private discussions among members of the Way to Win donor collective, there was frustration over the party’s unwavering support for Mr. Biden, with some suggesting Vice President Kamala Harris as a potential alternative.
A private poll conducted after the debate among liberal donors and advisers revealed that over 70% of respondents were open to exploring alternative options.
On Wall Street, some of Mr. Biden’s top donors, including Seth Klarman, have privately discussed the possibility of looking beyond Mr. Biden, according to sources familiar with the matter.
Both American Bridge and the Democracy Alliance held calls for concerned donors, with only a few voices advocating to stick with Mr. Biden. The upcoming annual meeting of chief executives at the Allen & Company summit is expected to address the dilemma surrounding Mr. Biden.
The discussions among wealthy Democrats have escalated, with some donors feeling reluctant to publicly call for Mr. Biden’s replacement due to the party’s strong defense of him.
Donor support is a crucial factor in determining Mr. Biden’s viability, as major contributors play a key role in financing negative ads by super PACs.
The Biden campaign and some donors are uneasy about the idea of major contributors orchestrating a change in the ticket, emphasizing the need to avoid excessive influence of money in politics.
The debate over Mr. Biden’s candidacy has divided Democratic donor groups, with some advocating for Vice President Harris as a potential replacement.
Discussions among donors have explored various alternatives to Mr. Biden, including Governor Gavin Newsom and Governor Gretchen Whitmer, with some reaching out to encourage them to consider running.
Efforts by some Silicon Valley donors to rally support behind Mr. Biden have been met with controversy, with differing opinions on the best course of action moving forward.
Despite the growing doubts about Mr. Biden’s candidacy, some donors are cautious about the potential consequences of pushing for a new nominee, fearing it could lead to further division within the party.
While some donors are considering alternative options, others believe that focusing on voter mobilization is a more productive use of resources at this time.
The president’s supporters and their donors are beginning to plan for a potential shift without Mr. Biden, as the debate over his candidacy continues to unfold.
