Democratic Megadonors Push for Biden’s Exit, Sparking a Financial Revolt
In a dramatic turn of events that underscores the growing unease among Democratic elites, wealthy donors are actively seeking to remove President Joe Biden from the 2024 presidential ticket. Tired of quiet griping and hoping that Biden would abandon his re-election campaign on his own, donors, wielding their fortunes as both carrot and stick, have launched a multi-pronged effort to pressure the President to step aside in favor of a more viable alternative candidate. These efforts, some coordinated, some conflicting, and others still nascent, expose the stark reality of a deep and widening rift between the party’s wealthy contributor class and its standard-bearer, potentially impacting down-ballot races even if they fail to influence Biden’s decision.
Key Takeaways:
- Donor Revolt: Wealthy Democratic donors are actively seeking Biden’s replacement, with some threatening to withhold contributions entirely unless he steps down.
- Next Generation PAC: A new political action committee aiming to raise up to $100 million has emerged, intending to support a replacement candidate should Biden withdraw or to support down-ballot candidates if he remains on the ticket.
- Vice President Harris’s Prospects: Supporters of Vice President Kamala Harris are positioning her as a potential successor, with allies reportedly mobilizing support from ultra-rich donors.
- Financial Strain: The donor discontent could create a major financial constraint for the Democratic Party in the crucial final months leading up to the election, especially as Biden’s fundraising efforts appear to be lagging.
- Democratic Discord: The situation highlights a significant division within the Democratic Party, challenging the party’s unity and fundraising efforts at a critical juncture.
A Financial Impasse:
Despite Biden’s reaffirmation of his commitment to the race following a widely criticized debate performance, concern among donors and strategists remains high. A surge in donations to Biden’s campaign following the debate was largely fueled by online donations, which tend to come from smaller donors. While Biden narrowly outraised Donald Trump last month, it’s unclear if he’s been able to erase the financial advantage Trump and his party held over Biden and the Democratic Party at the beginning of June.
The absence of large-scale fundraising events featuring Biden until late July is further fueling apprehension among big donors. Many are seeking avenues to move on and prepare for a post-Biden campaign. As James Carville, the longtime Democratic strategist, pointed out, the current situation goes beyond typical donor complaints, suggesting a more assertive and potentially disruptive approach to political donations.
The Next Generation PAC:
Amidst this growing pressure, the Next Generation PAC stands out as a particularly ambitious initiative aiming to create a holding account for a Biden replacement. This effort, spearheaded by cryptocurrency billionaire Mike Novogratz and Hollywood filmmaker Andrew Jarecki, is seeking to raise between $50 million and $100 million, aiming to use the funds for the eventual nominee should Biden withdraw or direct them towards down-ballot races if he remains on the ticket.
This "anyone-but-Biden" group is reportedly actively soliciting donors and has tried to secure commitments from major figures in finance and Silicon Valley. While its official launch is contingent on securing substantial initial funding, the sheer scale of its ambition speaks volumes about the magnitude of the donor-led effort to oust Biden.
A Contested Inheritance:
Should Biden step aside in favor of Vice President Kamala Harris, she would inherit the campaign’s large financial resources, currently estimated at $212 million. However, if another candidate assumes the nomination, a more complex process would be required, potentially involving transferring funds to the Democratic National Committee or an independent group.
The potential for financial turmoil surrounding a leadership change within the party underscores the high stakes involved in the donor-led campaign against Biden. It also raises questions about the future of the Democratic Party’s fundraising efforts and the overall impact of this unprecedented donor revolt on the party’s ability to compete effectively in the 2024 election.
The Democrats’ Dilemma:
The Democratic Party faces a critical dilemma in the wake of this donor-led revolt. It must navigate the financial implications of Biden’s potential withdrawal while maintaining party unity and ensuring a successful campaign at a time when the stakes are extraordinarily high. The party’s strategy hinges on balancing the needs of its powerful donor class and its commitment to its elected officials and grassroots supporters.
While the outcome of this financial and political battle remains unclear, it is undeniable that a new chapter has unfolded in the Democratic Party, one fraught with tension and uncertainty. The party’s ability to navigate these challenges will ultimately determine its chances of success in the upcoming election.
