President Joe Biden is currently facing backlash from some of his own party’s wealthy donors, including Abigail Disney, an heiress to the Disney family fortune. Disney has stated that she, along with other donors, will no longer fund the Democratic Party unless Biden drops out of the presidential race following his lackluster debate performance against former President Donald Trump.
Abigail Disney, the granddaughter of Roy O. Disney, cofounder of The Walt Disney Company, expressed her concerns in a statement to CNBC. She emphasized that while Biden is a good man who has served the country admirably, the stakes are too high for him to continue in the race. Disney believes that if Biden does not step down, the Democrats will inevitably lose the election, with dire consequences.
Call for Biden to Step Down
Abigail Disney is not the only prominent donor calling for Biden to withdraw from the race. Rep. Lloyd Doggett, D-Texas, suggested that Biden’s debate performance proved he is incapable of challenging Trump and overcoming his deficit in the polls. The New York Times/Sienna College poll showed Biden trailing behind Trump by 6 percentage points among likely voters after the debate.
Support for Vice President Kamala Harris
Abigail Disney pointed to Vice President Kamala Harris as a viable alternative to Biden, citing her ability to defeat Trump. She urged Democrats to rally around Harris and focus on her strengths rather than dwelling on perceived shortcomings. Disney believes that with Harris as the candidate, the Democrats have a strong chance of winning the election decisively.
Gideon Stein, the president of the Moriah Fund, announced that he and his family would be pausing planned donations of $3.5 million allocated for nonprofits and political organizations involved in the presidential race. Stein expressed that many major donors share the sentiment that a new candidate is necessary to defeat Trump. Philanthropist Karla Jurvetson, another major Democratic donor, has also hinted at pausing donations until Biden steps down, according to sources familiar with her remarks.
Reactions Within the Democratic Party
It is evident that there is a growing concern among wealthy donors within the Democratic Party regarding Biden’s viability as a candidate. The pressure from donors like Abigail Disney and Gideon Stein underscores the need for the party to reconsider its options and ensure that the candidate chosen has the best chance of winning against Trump in the upcoming election.
As the Democratic Party grapples with internal dissent and calls for Biden to drop out of the race, it is crucial for party leaders to address the concerns raised by wealthy donors. The upcoming election poses significant challenges, and the party must carefully consider its next steps in order to secure a victory. It remains to be seen how the Democratic Party will respond to the mounting pressure exerted by influential donors.
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