In a tense Zoom call this past Tuesday, 75 influential Democratic donors grappled with the fallout from President Joe Biden’s disastrous debate against Donald Trump. The consensus was clear: Biden should withdraw from the race to ensure a Democratic victory in November.
According to an anonymous attendee, only one donor supported Biden’s continuation in the race. The rest were unequivocal in their belief that Biden stepping down was essential for defeating Trump. This significant dissent has sparked a robust lobbying effort targeting senior Democrats in the House and Senate, aimed at urging them to call publicly for Biden’s withdrawal.
High-profile donors like Hollywood executive Ari Emanuel, his brother Zeke Emanuel, and Alan Jones, a senior managing director at Intermediate Capital Group, have been at the forefront of these efforts. Their message is stark: without Biden stepping aside, their financial support will dry up unless he becomes a clear frontrunner in the polls.
The urgency of the situation has prompted frantic efforts from Biden’s allies to retain donor support. Former Secretary of State Hillary Clinton, former President Bill Clinton, and Biden campaign co-chair Jeff Katzenberg have all reached out to donors, imploring them to stay loyal to the president.
Despite these appeals, over 20 congressional members have publicly urged Biden to “pass the torch,” with many more doing so privately. A longtime Biden bundler noted that while Biden himself seems indifferent to donor pressure, Democratic leadership is acutely aware of the potential down-ballot impact of a struggling presidential campaign.
House Speaker Nancy Pelosi, Senate Majority Leader Chuck Schumer, and House Minority Leader Hakeem Jeffries have reportedly conveyed these concerns to Biden, highlighting the risk to congressional candidates if he remains in the race.
The Biden campaign has not responded to requests for comment, and representatives for the Clintons and Zeke Emanuel also remained silent. Ari Emanuel declined to comment, while Alan Jones did not return emails seeking comment.
However, the bleak fundraising scenario for Biden doesn’t spell doom for the Democratic Party. In a surprising turn of events, Vice President Kamala Harris, seen as a likely successor should Biden step aside, is drawing significant donor interest.
An upcoming concert event in Pittsfield, Massachusetts, featuring Harris, is nearly sold out. The July 27 event, headlined by folk legend James Taylor and cello star Yo-Yo Ma, has ticket prices ranging from $100 to over $12,000.
As the Democratic establishment grapples with this internal crisis, the party’s future hangs in the balance, with the decisions made in the coming weeks likely to shape the outcome of the November elections.
