Many wealthy Democratic donors are no longer quietly expressing their dissatisfaction with President Biden’s re-election campaign. Instead, they are taking action to pressure him to step down and make way for an alternative candidate. These donors are using their financial resources as leverage to influence Mr. Biden’s decision, with some even threatening to withhold contributions unless he bows out.
Efforts to push Mr. Biden out of the race include raising funds for a potential replacement candidate through initiatives like the Next Generation PAC. Donors are also supporting candidates for lower offices and urging elected officials to publicly call for Biden’s withdrawal.
While some big donors are still backing Mr. Biden, there is a growing movement to build financial support for a post-Biden campaign. The Next Generation PAC, led by figures like Mike Novogratz and Andrew Jarecki, aims to raise significant funds to support a successor to Biden if he steps aside.
The potential beneficiary of these efforts could be Vice President Kamala Harris, whose supporters are rallying support from major donors and strategists. If Biden were to step aside and Harris became the nominee, she could inherit the campaign’s substantial funds.
Despite the uncertainty surrounding Mr. Biden’s candidacy, some Harris supporters are ready to publicly endorse her as a viable alternative. They believe she is capable of uniting the nation and fulfilling the role of president.
The situation with Mr. Biden has caused a rift within the Democratic Party’s donor base, with conflicting opinions on how to proceed. While some donors are cautiously continuing their support, others are actively working to pave the way for a different candidate. The outcome of these efforts could have a significant impact on the upcoming election and the party’s overall strategy.
As the race enters a critical phase of heavy spending, the divide among Democratic donors poses a challenge for Mr. Biden’s campaign. While he has seen a surge in online donations, the support from major donors is wavering, raising concerns about the campaign’s financial stability.
Regardless of the outcome, the efforts to influence Mr. Biden’s decision reflect a unique moment in Democratic politics. Donors are actively shaping the future of the party and the upcoming election, signaling a potential shift in the party’s direction.
