The Democratic Party’s perennially nervous donor class was thrown into deep disquiet Friday as some of America’s richest people complained about President Biden’s poor debate performance and pondered 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 list against his will and replaced at or before the Democratic National Convention, according to a person familiar with the move.
In Silicon Valley, a group of megadonors including Ron Conway and Laurene Powell Jobs called, texted and emailed each other about a situation they described as a potential disaster. Donors wondered who in the Biden family they could turn to to reach Jill Biden, the first lady, who in turn could convince 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 with Mr. Biden this summer decided not to go ahead with the meeting because of the debate, according to a person directly informed by the potential host. Another major California donor left a debate-watching party early and sent an email to a friend with the subject line: “Complete disaster,” a copy of the email says.
In group chats and hushed discussions, some wealthy Democrats offered interventions, others hoped Mr. Biden would have an epiphany and decide to leave on his own, and even more planned to direct dollars to candidates who were pushed back in the election. The most optimistic donors wanted to wait for the survey to see the extent of the consequences.
The Crisis in the Donor Class – As outlined in interviews with nearly two dozen donors and fundraisers, many of whom insisted on anonymity to discuss their private conversations, it couldn’t come at a worse time for Mr. Biden. Former President Donald J. Trump has overtaken him in each of the last two months, wiping out the president’s once-gap financial advantage and opening one of his own.
By Friday night, many donors acknowledged the unlikelihood of finding a viable alternative, even as some acknowledged that enthusiasm had waned and complained about the Biden team’s lack of communication with key fundraisers in the 24 hours after the debate.
Compared to small online donors, major donors require more nurturing, but these personal relationships can bring big benefits at crucial moments like the ones Mr. Biden is facing as he faces a wave of concern from Democrats about his political strength . The donor class will be closely watched for signs that they can overcome the doubts.
While the Biden campaign briefed some members of its national finance committee in Atlanta on Friday morning, other members were dismayed that they had received almost no contact from campaign headquarters.
Reid Hoffman, one of the Democratic Party’s most influential donors, wrote in an email to friends Friday night that he had been inundated.
“I have received many emails in the last 24 hours asking whether there should be a public campaign to pressure President Biden to resign after his (very) poor debate performance last night,” he wrote in the E -Mail viewed by The New York Times. “It certainly put a damper on the spirits of donors and organizers.”
Cash is suddenly a priority for the Biden campaign.
After building a $100 million advantage over Mr. Trump a few months ago, the Biden campaign and the Democratic National Committee started June with $212 million in the bank, compared to $235 million for the Trump operation and the Republican National Committee.
The Biden campaign had hoped to close the gap with a major fundraising effort in the 72 hours after the debate. The scramble coincided with the typically lucrative end of the second-quarter filing period, when campaigns focus on raising cash and project momentum.
Mr. Biden’s team planned a series of fundraisers on Friday and over the weekend with the president and first lady, as well as Vice President Kamala Harris and celebrities in wealthy enclaves such as Manhattan, the Hamptons and Park City, Utah.
Last but not least, the debate’s shaky performance cast a shadow over these events and raised concerns about reduced transport volumes.
The Biden campaign dismissed any financial concerns and said it had raised $14 million in online donations from Thursday through Friday morning, which are typically smaller than those from major donors. The hour after the debate – from 11 p.m. to midnight – was the best hour of Mr. Biden’s re-election campaign, the campaign said.
The grumbling and strategizing from major donors played out in an ongoing series of conference calls, text debates and signal chats that began shortly after Mr. Biden opened his mouth in Atlanta on Thursday evening and continued until late Friday. Some described communication in a tone that resembled a virtual group therapy session.
“This is an immediate response to disappointment,” said Craig Kaplan, a lawyer and major Democratic donor in New York.
During a weekly Friday morning Zoom call with major New York donors, Mr. Kaplan urged participants to prioritize congressional and state election donations.
“The importance of the vote is made even greater,” he said in an interview, by perceived weakness at the top of the vote. He added that he had no intention of abandoning Mr. Biden.
Stephen Cozen, a Democratic donor who considers the president a friend, said he tried to talk down donors who pushed for Biden’s intervention.
“He deserves the opportunity to think about it and say, ‘I still think I can do this.’ “I still think I’m the best choice,” or decide he’s not the best option, Mr. Cozen said, describing his advice. “That is his decision. And I will stay with him until he makes it.”
In the upper echelons of democratic society, there was a gap between public and private communication.
Publicly, few were willing to tolerate criticism of the president.
But privately, major donors pondered things that seemed like fan fiction just a few days ago and asked each other which party elder – Barack Obama? Nancy Pelosi? Chuck Schumer? – could have the political courage to persuade Mr. Biden to resign.
And they debated which Democrat could best replace Mr. Biden as governor. Gretchen Whitmer of Michigan and Gavin Newsom of California are among the most popular candidates.
Some donors argued that the importance of the debate was being exaggerated.
“He had a poor performance,” said Robert Wolf, the former chief executive of UBS Americas, “but a 90-minute debate doesn’t make up for the three and a half years of his presidency, so I’ll fight for Biden there.”
Chris Korge, the Biden Victory Fund’s finance chairman, said: “Now is the time to put our heads down and fight as hard as we can.” He added: “Donors will never abandon Biden.”
Mr. Hoffman, effectively the leader of Silicon Valley Democrats, said he thought putting pressure on Mr. Biden would be a mistake, in part because it wouldn’t work. “Joe is our candidate; Any decision to resign is his and his family’s, period,” he wrote. “If anything, a public effort could force the Bidens to try to prove the doubters wrong.”
At Biden’s fundraisers, many people heard from the campaign itself – one received a Facebook message from a business school friend he hadn’t heard from in over a decade – but very little from the campaign itself. Around noon on Thursday Members of the Biden Financial Brain Trust met in Atlanta for a farewell event, the summer meeting of the several hundred-member National Finance Committee.
Fundraisers at the Ritz-Carlton in Atlanta were treated to presentations on campaign tactics and themes based on materials distributed in advance to donors, as well as a debriefing of the debate. But many members of the Finance Committee – who were on vacation, put off by not being able to attend the debate without an audience or being unable to attend at short notice – skipped the meeting entirely.
Meanwhile, the president and first lady tried to convey 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 high-ticket 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, 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-centered fundraiser at the Hammerstein Ballroom at the Manhattan Center. On Saturday he was scheduled to travel to the Hamptons for an event at the home of billionaire Barry Rosenstein, who said he expected more than 200 people to attend, more than double his expectations. Later Saturday, Mr. Biden was scheduled to attend a fundraiser at the home of New Jersey Gov. Phil Murphy.
Biden’s fundraiser at the end of Pride Month is full of guest appearances from celebrities and people with ties to the LGBTQ movement, including a garden party Saturday in Los Angeles with an appearance by Idina Menzel.
Still, Friday ended with no clear idea of what exactly donors might do against Mr. Biden. The best some could muster was gallows humor – a meme, a GIF, or a sense that things could always be worse.
“No one is paying out,” said Steve Phillips, a prominent Democratic donor in California. “Everyone has come to terms with the situation.”
Lauren Hirsch, Liam Stack and Olivia Bensimon contributed reporting.
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2024-06-29 17:59:53
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