In an interview Monday, President Joe Biden candidly responded to pressure from wealthy Democratic donors to withdraw from the 2024 presidential race. His unmistakable and defiant message: “I don’t care what the millionaires think.” At the heart of Biden’s resolve lay an influential and strong belief in the power of small donors and their central place in his campaign.
Later that same day, Biden called his top donors and fund-raisers to remind them that their help remained vital. “It matters,” he told them of their support. The two-step is emblematic of the nuance of Biden’s challenge as he tried to straddle the aftermath of a difficult debate with former President Donald Trump last month. While major Democratic donors call for him to step aside, the former Vice President knows he needs the financial backing to sustain his campaign.
The donor thinks Biden believes in building upon the successes of his first term. He feels proud to have taken control of the COVID-19 pandemic and to be fighting for the economy’s recovery. As far as Biden is concerned, a second term is viewed as an opportunity to advance work concerning healthcare, climate change, and social justice. He wishes to leave a mark on history through perpetual advancement in these critical areas.
Biden has long been viewed as the great unifier of the Democratic Party. At a moment of rising political polarization, his brand of centrism helped mend intraparty divides and reached across the aisle to some extent. The contributor says it is important for party unity to build a solid front against Republicans.
Wealthy donors are concerned that Joe Biden‘s continued candidacy has a high risk, which stems from losing the presidency and vital down-ballot races. These donors have been increasing their calls for Biden to step down, and such threats have been coupled with an idea of withholding funding in case he does not give up. In the wake of all this pressure, Biden refused, saying it was up to the voters and not a choice that wealthy donors should make.
“The voters — and the voters alone—decide the nominee of the Democratic Party,” he wrote to congressional Democrats. On MSNBC’s “Morning Joe,” Biden expressed frustration with the elites, saying once more that he runs for the people, not for rich donors. This appeal aligns with many rank-and-file Democratic voters who have qualms about his age but appreciate his staunchly expressed grassroots politics.
This is where experience comes in—especially in politics. Decades of experience seem to have given Biden preparation and experience in handling complex problems both domestically and internationally. One donor puts it this way: at a time when so many questions appear worldwide and at home, seasoned leadership like Biden’s is invaluable. His firm grasp of the political landscape makes for a steady leader.
More than ever, the donor underscored Biden’s commitment to democratic values and principles. Now, when blows are being struck against democracy from all sides, Biden’s decision to stay in the fight is translated as a stand for democratic institutions and norms constituting American democracy. His will has been an upholder of these values that nominate him for the presidency.
This decision is personal for Biden, too. The donor explained that Biden’s commitment to serving the American people runs deep in his life. He has gone through many personal and political ordeals, and his cool-headedness has become one of his defining characteristics. Biden’s personal touch and genuine care for the nation’s well-being resonate with many voters.
The Democratic Party is not free from divisions either. Many supporters have asked Biden to step down out of fear that it would influence the party’s results in 2024. However, in the donor’s opinion, if Biden decides to leave office, this will lead to a lot of uncertainty and instability in the party. It may result in a primary battle that can weaken the Democratic nominee for the presidency.
This could also impinge on Biden’s legacy if he were to drop out of the race. It would be viewed as repudiating his presidency and leadership and casting shame on all he did. Staying in the race allows Biden to fortify these accomplishments further and maintain a high level of recognition and memory about them, emphasizing the donor.
Biden’s campaign rode this grass-roots momentum to fundraising records, outpacing Trump in small-donor contributions. Attracting mountains of cash with these small donations—particularly following high-visibility events—is what beefs up the financial cushion standing between a potential slip in support from major donors.
Biden’s campaign has surged over recent months, especially after the debate with Trump. Small donors accounted for nearly 80% of the $38 million raised by his campaign in the four days following the debate. It was grassroots support that helped keep a campaign both financially fired up and competitive against Trump’s deep pockets.
A divided Democratic primary or a weakened nominee could provide an opening for the Republican Party. That would give the GOP an advantage heading into 2024 and perhaps flip the balance of power in the White House. Biden’s persistence is interpreted as a move to block this eventuality.
If Biden were to drop out, the Democratic primary would become much more competitive. The field of candidates is likely to be very large, and therefore, the battle for the nomination might become bruising. A donor claimed Biden’s decision to stay in the race helped keep things stable and focused.
Although some see Biden’s withdrawal from the race as a pathway to new leadership, this donor believes that years of experience and leadership like his do not lack substitutes. Not every kind of energy is needed; surely salvation will bring fresh ideas, but a steady hand on the party tiller is also needed in the times ahead. Biden’s decision to continue running ensures a mix of experience and progress.
If a sitting president withdrew, it could confuse the electorate, leading to lower turnout or some really volatile behavior. This donor said Biden’s presence keeps up core voter interest and ensures a steady and competitive election process.
