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The Big Story About Money and Politics in the Race for the White House
Joe Biden is facing pressure from top Democrats to abandon his reelection bid amid growing fears within the party that he will lose the U.S. presidency to Donald Trump and boost Republicans’ chances of winning congressional elections.
The Washington Post reported Thursday that former President Barack Obama told colleagues that Biden’s chances of victory had been significantly reduced and that they should reconsider whether he could win.
Former House Speaker Nancy Pelosi said she was pessimistic about Biden’s chances of winning, according to CNN.
Pelosi’s spokeswoman said the report misrepresented conversations she may have had. Obama’s office declined to comment. A person familiar with his thinking said Obama considered himself a “sounding board and advisor,” believed Biden was an “outstanding president,” and “protected both personally and the Biden administration’s strong and historic accomplishments.”
More than two dozen lawmakers have publicly called for Biden to resign, amid pressure from some senior Democrats to do so privately.
House Democratic leader Adam Schiff urged the 81-year-old president to “pass the torch” and cited “serious concerns” about Biden’s ability to beat Trump in November.
A House Democrat said the crisis that began with Biden’s dismal performance in last month’s debate with Trump had reached “a breaking point.” “I don’t know how he’s going to survive this,” the lawmaker added.
Amid speculation about his future, Biden has been isolating from COVID-19 at his home in Delaware.
“Our campaign is not running a scenario where President Biden is not the frontrunner,” Biden campaign spokesman Quentin Fulks said. “He is and will remain the Democratic nominee. He will remain in this race.”
Biden trails Trump in nearly every national and key state poll, including a survey conducted Thursday by Emerson College that covered seven states and the nation as a whole.
An AP poll released Wednesday found that about two-thirds of Democratic voters want the president to step down.
According to online prediction market PredictIt, Biden’s odds of winning the Democratic nomination have dropped sharply, while Kamala Harris’ odds of winning the vice presidential nomination have increased sharply.
Several influential donors and operatives said they expect Biden to step down. “Ninety percent of the time, he’ll step down in a few days,” said one person who has been in contact with several Democratic leaders in Congress.
“I talk to donors all the time, and they’ve become bolder and more driven again. [A few days ago] “It seemed to be subsiding… but in the last two days, people have really energized themselves,” said a donor who has been coordinating the effort to oust Biden.
Two influential Wall Street donors said they believed Biden’s commitment to remain in the race was weakening and that news of his illness could provide a justification for dropping out, but they did not have definitive confirmation.
Both said Chuck Schumer, a Biden confidant and the most senior Democrat in the Senate, told the president that if he stayed in the race, Democrats risked losing the White House and the Senate.
“We made it clear. [Schumer] “If there’s not a quick change, the money will dry up,” one donor said, referring to House Democratic ranking member Hakeem Jeffries.
A spokesperson for Schumer did not respond to a request for comment.
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