Disney heiress, wealthy Democratic donors say they won't finance the party until Joe Biden drops out
CNBCJul 07
Donors Prepare Plan B While Biden Insists He's Not Leaving Race
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Above: Pres. Joe Biden on July 4, 2024 on the White House balcony. Image copyright: Samuel Corum/Stringer/Getty Images News via Getty Images
The Facts
As US Pres. Joe Biden insists he won't step down from the Democratic ticket following his debate performance last week against former Pres. Donald Trump, many wealthy donors are reportedly taking various steps should the party need to move forward with a replacement.
Among the reported groups behind this effort is the Next Generation PAC, a fund of as much as $100M to support a potential replacement; another is threatening to withhold contributions unless Biden steps aside; and a third group is offering financial support to elected officials who publicly call for Biden to withdraw.
The Spin
Narrative A
Biden's debate performance wasn't an outlier; it was the final straw in a series of appearances and events throughout his presidency that showed he shouldn't be running for reelection. It's baffling how those close to him are allowing him to put his life's legacy on the line and how they don't see the problems losing the upcoming election will cause.
Narrative B
Historically, Democrats don't do well when they're this divided, and this isn't the time for them to abandon Biden. It's time for Democrats to copy Republicans' unwavering support for their nominee, despite his flaws, and make sure everything is done to defeat the existential threat that is Trump.
