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By: Benyamin Davidsons
The Democratic Party is facing perhaps its biggest crisis in history. There has been calls for President Joe Biden to step aside in the upcoming presidential election in November, and make way for another Democratic candidate to rival Donald J. Trump. Wall Street’s most influential donors, accustomed to wielding the power, seem helpless in their bid to influence the president.
As reported by Crain’s NY, since the June 27 debate, the narrative in Manhattan has been a plea to shift the Democrats’ chances of beating Donald Trump by taking President Biden out of the race. Biden, 81, however, has stubbornly pledged not to step down from his candidacy in the 2024 race, instead pouring his efforts into crushing opposition within his own party, as lawmakers return to Washington.
Wall Street execs and ultra-rich bankers, who have been key political donors, have expressed interest in helping shift the tide—but so far have not made large contributions to another Democratic candidate. Biden’s political operation is already swimming in money, with about $240 million on hand. Biden’s campaign already spent $48 million in advertising time last month alone, according to AdImpact. By contrast, efforts from the likes of Mike Novogratz, to raise funds for a to-be-determined Democratic candidate are not even close to that figure, and its getting late in the game.
Per Crain’s, two Democratic fundraisers, who did not wish to be identified, said they have been advising donors to focus their donations into competitive House races, instead of the presidential race. “I know a lot of donors who are very unhappy and aren’t going to spend money on the campaign,” said Vin Ryan, founder of Schooner Capital and a longtime Democratic donor. “A lot of money will be diverted to House and Senate races.”
One Billionaire has taken another approach, taking to X to share his opinion. Bill Ackman, hedge funder and CEO of Pershing Square Capital Management, announced that he opposed Biden in the Democratic primary, supporting underdog challenger Rep. Dean Phillips of Minnesota. “Absent a more serious health incident between now and the election, it now seems eminently clear that Biden will be the candidate,” he wrote. Ackman said that if the general-election remains “Biden vs. Trump, I am definitely voting Trump.”
As of Monday, at least nine Democratic House members have called for Biden to step aside. Biden wrote in a letter on Monday, to the group saying that he is “firmly committed to staying in this race, to running this race to the end, and to beating Donald Trump.”
On MSNBC’s “Morning Joe,” the President went on to dare anyone who thinks he shouldn’t seek reelection to challenge him at the Democratic convention. “I don’t care what the millionaires think,” Biden said on MSNBC on Monday. “I want their support but that’s not the reason I’m running.” “The party has spoken. The Dem nominee is me,” Biden said. “We can’t waste any more time being distracted.”
On Tuesday morning, the House Democratic caucus met for a day of closed-door discussions, which focused on whether Biden was the right candidate. Many voiced concerns over Biden’s age and chances of defeating former President Trump, while others called for unity within the party. The caucus left without a clear plan for the imminent future, one Democratic source told Yahoo News. In the past few days, Biden has made some progress, winning over support from the Congressional Black Caucus, Congressional Hispanic Caucus, and left-wing “Squad” members, as well as from House Minority Leader Hakeem Jeffries.
