Biden Presidency Faces New Challenge as Major Donors Withdraw

Despite growing calls for him to withdraw from the presidential race, US President Joe Biden seems determined to stay in the fight.

During an Independence Day celebration at the White House, Biden stressed that he wasn’t going anywhere, stressing that he would continue to fight.

Meanwhile, Biden is facing calls from some top Democratic donors to abandon his bid for a second term after a poor performance in a presidential debate.

At least, two major donors have announced that they will stop making donations as long as Biden remains a candidate.

In an effort to allay fears, Biden campaign officials made a phone call to anxious donors after the debate with former President Donald Trump, but those attempts apparently were ineffective.

Abigail Disney, granddaughter of the Walt Disney Co-founder of The Walt Disney Company, announced that she wouldn’t make donations to the Democratic Party as long as Biden remains in the race.

Disney made clear in a statement to CNBC that it respects and appreciates Biden as a man who has served his country faithfully, but stressed the need to replace him to ensure that Democrats win the upcoming election.

She expressed concern that his continuation would lead to the party losing strong chances of winning.

Gideon Stein, president of the Moria Fund, also announced that he would suspend $3.5 million in donations that were earmarked to support nonprofits and political groups aligned with the 2024 campaign.

He told Axios that most major donors believe the country needs a new candidate to defeat Trump.

Senior donor Reed Hastings, founder of Netflix, called on Biden to step down in favor of a strong Democratic leader who can beat Trump and ensure America’s safety and prosperity.

This growing concern coincides with criticism from congressional Democrats about Biden’s lackluster performance in the June 27 debate.

Some have suggested that his deteriorating health may have been the result of a cold and time difference due to travel abroad.

After the debate, Rep. Lloyd Duggette and Raul Gregalva called on Biden to withdraw from the race.

A poll by Morning Consult showed that 60% of voters believe the president should be replaced as a Democratic candidate.

Biden will continue to try to reassure the public about his leadership abilities by holding a campaign rally in Wisconsin and giving an interview to ABC.

He will also hold a press conference next week, with the aim of demonstrating his ability to communicate effectively and counter doubts about his ability to lead the country for an additional four years.