Financial, not political: How the real pressure on Joe Biden to step down is coming from donors

The whispers about how President Joe Biden must step down before the Democratic National Convention have now turned into a full-blown clarion call. Democrat voters, Republican adversaries, analysts, and the media are constantly speaking about Biden’s advanced age, and his suitability for the role of president of the United States.

But all of that Biden’s campaign has withstood in the past. The president himself has remained defiant to these forces against his bid for re-election.

But now, there is a different kind of pressure– one that is hitting the Democrats’ moneybags. The financial strain that big donors are heaping onto Biden by withholding their hefty greenback offerings may actually be the real pressure weighing on Biden’s shoulders.

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The presidential debate debacle

President Biden’s performance in the first presidential debate has been described as lacklustre. Critics and even some allies within the Democratic Party have pointed out that Biden seemed disengaged and struggled to deliver his points with the clarity and forcefulness expected from an incumbent president. His fumbling was so overpowering, that his rival, former President Donald Trump’s repeated lying went completely under the radar.

The debate performance led to a flare-up in discussions about Biden’s age and vitality, with some Democrats quietly considering whether a change at the top of the ticket might be necessary. The Democratic Party’s rules make it rather difficult to replace a nominee without their consent, and overturning the results of the primaries—where Biden secured almost 99 per cent of delegates—would be controversial, to say the least. The only plausible way ahead without Biden would be if he voluntarily withdrew.

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Political pressure: A subtle undercurrent

The unease about Biden’s candidature has been simmering among some party members. At least two Democratic lawmakers have publicly called for Biden to step aside before the convention. However, the political pressure on Biden remains relatively muted.

The Democratic National Committee (DNC) Chair, Jaime Harrison, a staunch Biden ally, has shown unwavering support for Biden’s re-election bid. Harrison’s loyalty suggests that any effort to replace Biden would face considerable resistance from the party top brass. There also appears to be no significant movement to oust the 81-year-old from the top of the ticket.

Most Democratic lawmakers and party members continue to support Biden, albeit with reservations. They acknowledge the need for Biden to demonstrate his capability and vigour to voters, but this does not equate to a full-on push for his resignation. The political calculus within the party still leans heavily towards maintaining stability and unity as they head into the 2024 election cycle.

Financial pressure: The real game-changer?

While political pressure is present but subdued, financial pressures are mounting and could potentially be the tipping point. The concern among Democratic donors is palpable.

Influential donors like Abigail Disney, an heiress to the Disney family’s fortune, and Damon Lindelof, a screenwriter and prominent Democrat donor, have publicly stated they are pausing their contributions to Biden’s campaign.

Disney has been vocal, going so far as to tell CNBC that the Democrats will lose if Biden is at the top of the ticket. This pause in donations from high-profile donors reflects a broader trend of financial strain on Biden’s campaign. Lindelof penned an entire op-ed in Deadline, asking other donors to pause their donations till such time Biden is replaced.

New York Times quoted philanthropist Gideon Stein as saying that his family was withholding $3.5 million to non-profit and political organisations active in the presidential race unless Biden steps back.

The pause in donations from key figures is likely hitting Biden where it hurts. Up until a few months ago, he held a $100 million funding advantage over Trump. However, at the start of June, his campaign and the Democratic National Committee had $212 million in the bank, a little behind $235 million for the Trump operation and the Republican National Committee, the Guardian reported.

The hesitancy among donors to continue their support could widen this gap further, potentially crippling the campaign’s ability to compete effectively.

The donors’ actions will also send a powerful message to other potential donors. It creates an atmosphere of uncertainty and apprehension, which can be contagious. If more donors follow suit, the financial foundation of Biden’s campaign could become increasingly unstable, forcing a reevaluation of his candidacy.

It would serve well to remember that the influence of donors in American politics cannot is not something to be trifled with. Campaigns require substantial financial resources, and the support of major donors is often key to the outcome of the races. The current donor hesitancy surrounding Biden’s campaign is a significant red flag. It signals a lack of confidence that, if unresolved, could lead to a depletion of necessary resources at a critical time.

The campaign’s response and future prospects

All is not bleak yet for the Biden campaign. They have accurately pointed out that some donors have given the maximum contribution amount since the debate. This influx of funds, although from a smaller group, indicates that there is still significant support for Biden among some of his financial backers.

If Biden can continue to attract donations in the weeks leading up to the Democratic convention, he will be able to present a strong case in front of his party for his candidature. The campaign’s ability to stabilise its finances and reassure its donor base will be crucial in determining its viability moving forward.

The reality on ground, and on bank passbooks, is complex. As the Democratic National Convention approaches, how these political and financial pressures pan out will be essential in determining Biden’s path forward. For now, the real pressure on Biden to step down appears to be more financial than political. It is a pressure he might not be able to fend off if he doesn’t quell doubts about his age and cognitive ability soon.