The Democratic Party’s ever-nervous donor class sank into a deep malaise Friday as some of America’s wealthiest people complained about President Biden’s weak performance in the debates and wondered what, if anything, they could do to change the course of the race.
There have been discussions with political advisers about arcane rules under which Mr. Biden could be removed from the ticket against his will and replaced no later than the Democratic National Convention, according to a person familiar with the matter.
In Silicon Valley, a group of major donors, including Ron Conway and Laurene Powell Jobs, were calling, texting and emailing each other about a situation they described as a potential disaster. The donors wondered who in Biden’s inner circle they could contact to reach first lady Jill Biden, who could in turn persuade her husband not to run, according to a person familiar with the conversations.
A Silicon Valley donor who had planned to host an intimate fundraiser featuring Mr. Biden this summer decided not to hold the gathering because of the debate, according to a person directly briefed by the potential host. Another major donor from California left a debate watch party early and sent an email to a friend with the subject line: “Total disaster,” according to a copy of the email.
In whispered group discussions, some wealthy Democrats talked about interventions, others hoped Mr. Biden would have an epiphany and decide to withdraw on his own, and still others strategized how to funnel money to second-tier candidates. The most optimistic donors wanted to wait for the polls to see how big the fallout would be.
The crisis of the donor class — described in interviews with nearly two dozen donors and fundraisers, many of whom insisted on anonymity to discuss their private conversations — couldn’t come at a worse time for Mr. Biden. Former President Donald J. Trump has outperformed him in each of the past two months, erasing the president’s once-yawning financial advantage and opening his own.
By Friday evening, many donors were beginning to accept the improbability of finding a viable alternative, although some acknowledged diminished enthusiasm and complained about the Biden team’s lack of communication with major fundraisers in the 24 hours that followed. debate.
Compared to small online donors, large donors are more high-maintenance, but these personal relationships can pay off big in crucial moments, like the one Mr. Biden faces as he deals with a wave of concerns from the Democrats regarding its political strength. The donor class is being watched closely to see if it can overcome these doubts.
While the Biden campaign briefed some members of its national finance committee Friday morning in Atlanta, other members were dismayed to have received virtually no communication from campaign headquarters.
Reid Hoffman, one of the Democratic Party’s most influential donors, wrote in an email to friends Friday evening that he had been inundated with requests.
“I have received a lot of emails in the last 24 hours asking whether there should be a public campaign to pressure President Biden to step down after his (very) poor performance in last night’s debate,” he wrote in the email, which was seen by The New York Times. “It has certainly been a blow to the mood among donors and organizers.”
Cash is suddenly a priority for the Biden campaign.
After taking a $100 million advantage over Mr. Trump a few months ago, the Biden campaign and the Democratic National Committee entered June with $212 million in the bank, compared to the Trump operation’s $235 million. and the Republican National Committee.
The Biden campaign had hoped to close the gap with a major fundraising push in the 72 hours after the debate. The rush coincided with the typically lucrative end of the second-quarter filing period, when campaigns rush to raise money and build momentum for projects.
Mr. Biden’s team has planned a series of fundraisers Friday and over the weekend featuring the president and first lady, as well as Vice President Kamala Harris and celebrities from wealthy enclaves including Manhattan, the Hamptons and Park City, Utah.
At the very least, the debate’s shaky performance has cast a shadow over these events and raised concerns about diminished revenue.
The Biden campaign has brushed aside any financial concerns, announcing that it had raised $14 million in online donations between Thursday and Friday morning, an amount typically lower than that of major donors. The hour after the debate, from 11 p.m. to midnight, was the best of Mr. Biden’s reelection campaign, the campaign said.
The grumblings and strategizing of major donors manifested itself in a series of conference calls, text message debates and Signal conversations that began shortly after Mr. Biden opened his mouth on stage in Atlanta on Thursday evening and continued until ‘See you Friday evening. Some described the communications in a tone that resembled a virtual group therapy session.
“It’s an immediate response to disappointment,” said Craig Kaplan, a lawyer and major Democratic donor in New York.
In a weekly Friday morning Zoom call with New York’s top donors, Mr. Kaplan urged participants to prioritize donations to congressional and state elections.
“The importance of the negative vote is reinforced,” he said in an interview, by the perception of weakness at the top of the ticket. He added that he had no intention of abandoning Mr. Biden.
Stephen Cozen, a Democratic donor who considers the president a friend, said he has tried to silence donors who have called for Biden to intervene.
“He deserves the opportunity to reflect and say, ‘I still think I can do this. I still think I’m the best choice,'” or to conclude that he’s not the best option , said Mr. Cozen, recounting his advice. “It’s his decision. And I will stay with him until he takes her. »
In high democratic society there was a gap between public and private communications.
In public, few were willing to tolerate any criticism of the president.
But privately, major donors were pondering questions that seemed like fiction just days ago, asking among themselves which party leader — Barack Obama? Nancy Pelosi? Chuck Schumer? — could have the political clout to persuade Mr. Biden to resign.
And they debated with governors over which Democrat would be best suited to replace Mr. Biden. Gretchen Whitmer of Michigan and Gavin Newsom of California among the most popular prospects.
Some donors felt the importance of the debate was exaggerated.
“He had a bad performance,” said Robert Wolf, the former chairman of UBS Americas, “but a 90-minute debate doesn’t make up for 3 1/2 years of his presidency, so I’ll be there to fight for Biden.”
Chris Korge, financial chairman of the Biden Victory Fund, said that “now is the time to put our heads down and fight as hard as we can.” He added: “Donors will never give up on Biden.”
Mr. Hoffman, effectively the leader of the Silicon Valley Democrats, said he thought it was a mistake to pressure Mr. Biden, in part because it wouldn’t work. “Joe is our candidate; any decision to step down is up to him and his family, period,” he wrote. “Rather, a public effort could force the Bidens to try to prove the skeptics wrong. »
Biden fundraisers have heard from many people — one received a Facebook message from a business school friend he hadn’t heard from in more than a decade — but very few of the campaign itself. Around noon Thursday, members of Biden’s financial brain trust traveled to Atlanta for what was supposed to be a farewell meeting, the summer meeting of the several hundred-member National Finance Committee.
Fundraisers at the Ritz-Carlton Atlanta were treated to presentations on campaign tactics and issues, according to materials distributed to donors in advance, as well as a debriefing of the debate. But many finance committee members — on vacation, discouraged by the inability to attend the debate without an audience, or unable to attend on short notice — skipped the meeting altogether.
Meanwhile, the president and first lady have tried to project an image of normalcy to donors.
On Friday afternoon, Jill Biden was in New York for a reception titled “Writers, Wit and Wisdom,” while Ms. Harris was in Park City for her own big-budget event. Mark Gilbert, a Democratic fundraiser who hosted her in Park City, said the debate did not dampen enthusiasm.
“Not only were there no cancellations, but we received numerous calls asking if it was too late to attend,” Mr. Gilbert said.
Mr. Biden himself appeared in Manhattan on Friday with Elton John at the Stonewall Inn, followed by an LGBTQ-focused fundraiser at the Manhattan Center’s Hammerstein Ballroom. On Saturday, he was scheduled to travel to the Hamptons for an event at the home of billionaire Barry Rosenstein, who said he was preparing to host more than 200 attendees, more than double his expectations. Later Saturday, Mr. Biden was scheduled to attend a fundraiser at the home of Gov. Phil Murphy of New Jersey.
Biden’s fundraiser at the end of Pride Month is packed with cameos from celebrities and people connected to the LGBTQ movement, including a garden party Saturday in Los Angeles featuring a performance by Idina Menzel.
Yet Friday ended without it being clear what donors could do about Mr. Biden. The best some could come up with was dark humor – a meme, a GIF, or the feeling that things could always be worse.
“No one is opting out,” said Steve Phillips, a major Democratic donor in California. “Everyone has resigned themselves to the situation. »
Lauren Hirsch, Liam Stack And Olivia Bensimon contributed reports.
News Source : www.nytimes.com
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