A group of 75 wealthy Democratic political donors gathered on a Zoom call in early July following President Joe Biden’s calamitous debate performance against Donald Trump. The majority of the donors believed that Biden should drop out of the race if the party hoped to defeat Trump in November. Big money donors have since launched a lobbying campaign to convince senior Democrats in Congress to publicly call on Biden to end his reelection campaign. Many donors have stated that they will not support Biden’s campaign until polls show he is a clear favorite to beat Trump. Despite calls from over 20 members of Congress and concerns from donors, Biden has stated he has no plans to drop out of the race.
Key figures such as Hillary and Bill Clinton, as well as media mogul Jeff Katzenberg, have urged donors to stick with Biden. However, some donors, including Hollywood executive Ari Emanuel and Alan Jones, have made calls to Democratic lawmakers urging them to support efforts to persuade Biden to drop out. Despite Biden’s fundraising struggles, events featuring Vice President Kamala Harris, Biden’s likely successor, have started to sell out, suggesting a potential shift in support within the party. While Biden’s campaign did not comment on the situation, Pelosi, Schumer, and Jeffries have reportedly warned Biden about the impact his long odds in November could have on congressional candidates if he stays in the race.
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