Amid Biden's dwindling approval ratings and a disastrous debate performance, Hollywood elites and major Democratic donors are calling for the president to step down. The Democratic National Committee (DNC) is facing a potential "election disaster" as these key financial backers declare their checkbooks closed.
Will Pierce, a former Biden supporter and Democratic campaign fundraiser, expressed grave concerns about the DNC's fundraising woes, particularly as the 2024 presidential election draws near.
"This is make or break when it comes to fundraising," Pierce stated, emphasizing the critical timing of the donor exodus. "If Democratic staff or the Democratic committee overall are going to fund the top of the race, as well as down ticket races, where's this money coming from?"
DNC Faces Fundraising Crisis as Prominent Donors Withdraw Support
The situation has reached a boiling point, with prominent Democratic megadonor Damon Lindelof penning an article in Deadline urging Democrats to cease funding Biden's re-election bid. High-powered Hollywood agent Ari Emanuel echoed these sentiments, declaring at the Aspen Institute's Ideas Festival, "We're in f--- city."
A Variety story revealed that several Hollywood insiders have become disillusioned with Biden, with one adviser to major liberal donors stating, "It's just really hard to see how we keep supporting him. He needs to dig deep about whether he can in good conscience be our nominee."
DNC Faces Fundraising Crisis as Prominent Donors Withdraw Support
The fallout stems from Biden's declining approval ratings, which have plummeted to new lows. A CNN poll conducted last month found that only 37% of Americans approve of his job performance.
Biden's disastrous performance in last week's CNN Presidential Debate has further fueled the calls for his resignation. Critics have pointed to the president's apparent lack of energy and focus, as well as his difficulty in articulating his policy positions.
The DNC's decision to stand behind Biden despite the growing chorus of opposition has puzzled political observers. Some have suggested that the party fears a chaotic primary race if Biden were to step down, while others believe they are simply unwilling to admit their mistake in supporting him in the first place.
Whatever the reason, the DNC's unwavering support for Biden is proving costly, both financially and politically. The exodus of major donors has created a significant funding gap, while the president's unpopularity is making it increasingly difficult for the party to defend him.
Should Biden decide to run for re-election, he will face an uphill battle against a likely Republican challenger. With fundraising dwindling and his approval ratings dismal, the DNC faces a major challenge in trying to rally around a candidate who has become a lightning rod for criticism.
As the election draws closer, the DNC will need to make tough decisions about its future. The party must weigh the risks of keeping Biden on the ticket against the potential fallout of replacing him with another candidate. Failure to navigate this difficult terrain could lead to a devastating election defeat in 2024.
