President Joe Biden is encountering significant pushback from some of his own party’s affluent donors. These influential backers have declared they will withhold financial support for the Democratic Party unless Biden steps down from the presidential race.
The donor class’s discontent has been fueled by embarrassment after Biden’s disastrous performance in the recent debate. The revolt among wealthy donors represents a major challenge for Biden as he navigates the turbulent waters of his re-election campaign, and it looks like it won’t be fixed any time soon.
NBC News reports that one donor with a famous last name has said she intends to sit on her hands and plug her ears so long as Joe Biden remains at the top of the ticket.
Abigail Disney, granddaughter of Roy O. Disney, who co-founded The Walt Disney Co., told CNBC on Thursday that she plans to withhold donations to the party she has funded for years until Biden drops out. The president has said he has no plans to withdraw from the race, despite calls for him to do so.
“I intend to stop any contributions to the party unless and until they replace Biden at the top of the ticket. This is realism, not disrespect. Biden is a good man and has served his country admirably, but the stakes are far too high,” Abigail Disney said in a lengthy statement to CNBC. “If Biden does not step down the Democrats will lose. Of that I am absolutely certain. The consequences for the loss will be genuinely dire.”
The Democratic Party at large has been in a state of panic since Biden struggled to perform in the debate against former President Donald Trump last week. Rep. Lloyd Doggett, D-Texas, called on Biden to drop out of the race, suggesting the debate performance proved to voters that the president is incapable of taking on Trump and unable to overcome his distance in the polls.
“I intend to stop any contributions to the party unless and until they replace Biden at the top of the ticket. This is realism, not disrespect. Biden is a good man and has served his country admirably, but the stakes are far too high,” Disney told CNBC Thursday.
“If Biden does not step down the Democrats will lose. Of that I am absolutely certain. The consequences for the loss will be genuinely dire,” she continued.
The Hill writes that Disney has given nearly $2 million to federal Democratic candidates, committees and groups since 1992.
“She’s donated a combined $63,000 so far this cycle, including a $50,000 contribution to the Jane Fonda Climate PAC in April.
Disney donated $343,460 during the 2020 election cycle, according to FEC contribution data, including $10,000 contribution to the Warnock Victory Fund during now-Sen. Raphael Warnock’s (D-Ga.) critical runoff against Sen. Kelly Loeffler (R-Ga.). Warnock’s victory helped flip the Democrats win control of the Senate that cycle.”
Other major donors are expected to follow suit.
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