After several days of quiet griping and hoping that President Biden would abandon his re-election campaign on his own, many wealthy Democratic donors are trying to take matters into their own hands. Wielding their fortunes as both carrot and stick, donors have undertaken a number of initiatives to pressure Mr. Biden to step down from the top of the ticket and help lay the groundwork for an alternate candidate.
The efforts — some coordinated, some conflicting, and others still nascent — expose a remarkable and growing rift between the party’s contributor class and its standard-bearer that could have an impact on down-ballot races, whether or not the donors influence Mr. Biden’s decision.
Escrow Fund for Next Generation PAC
A group of donors is working to raise as much as $100 million for a sort of escrow fund, called the Next Generation PAC, that would be used to support a replacement candidate. If Mr. Biden does not step aside, the money could be used to help down-ballot candidates, according to people close to the effort.
Supporters Jockeying for Potential Replacements
Supporters of potential replacements like Vice President Kamala Harris are jockeying to position their preferred successor. Other donors are threatening to withhold contributions not only from Mr. Biden but also from other Democratic groups unless Mr. Biden bows out.
President Biden’s Reaffirmation to Stay in the Race
The president on Wednesday reaffirmed his commitment to stay in the race amid criticism of his weak debate performance last week. But that has not placated donors or strategists who worry that he cannot win in November.
