Democrat Donors Debate Biden’s 2024 Candidacy, Considering Alternatives

Some prominent Democrat donors reportedly believe that “dropping out sooner is better”

Major donors to the US Democratic Party are discussing ways for President Joe Biden to withdraw from the 2024 race without harming the party’s chances of defeating Donald Trump in November, according to the New York Times. Democrats and their supporters have expressed growing doubts about Biden’s ability to win after his performance in the televised debate with Trump last month.

Numerous reports indicate that Democrats and some of Biden’s own aides were “shocked” by the 81-year-old’s behavior on stage and have significant concerns regarding his mental and physical capacity to serve as president for a second term. 

“Some donors have discussed ‘elegant’ ways for Biden to step aside to protect his reputation,” while others “believe that dropping out sooner is better,” the NYT’s DealBook newsletter reported.

Some executives told DealBook that it would be “a mistake” for Biden to withdraw from the race without securing the nomination first. They argued that doing so would “deprive him of the authority to choose his successor.”

Democrats will convene in Chicago in late August to formally select their candidate for the 2024 election. According to the report, an open convention where delegates are not bound to a specific candidate could lead to “internal party conflict that could benefit Donald Trump.” 

DealBook cited its sources as stating that prominent financiers and investors, including Larry Fink of BlackRock, Jon Gray of Blackstone, Peter Orszag of Lazard, and Robert Wolf, a former US executive “close to Barack Obama,” are discussing whether to “continue supporting Biden.”

The 46th president, however, has declined to withdraw from the race, despite acknowledging that he does not debate “as effectively as [he] used to.” In a conversation with MSNBC on Monday, Biden stated that he is “not going anywhere,” describing himself as “the best candidate to defeat Donald Trump.”