Harris Set to Step In for Potential Biden Exit, Ready to Take $240M in Democratic Funds: Report
Summary:
Speculation is rising regarding the next steps for the Biden campaign following a disappointing debate performance and concerns about the president’s cognitive decline, unpopular agenda, and plummeting poll numbers. With Democrats considering alternative nominees, the potential challenge of switching candidates late in the game is highlighted, especially due to the $240 million raised for Biden’s campaign which may not be transferable to a new candidate. However, Vice President Kamala Harris emerges as a viable option to inherit the funds, with discussions indicating a plan to shift the resources towards her presidential run if Biden steps down. Despite the financial viability, Harris faces significant unpopularity among voters, raising doubts about her chances to win the election. While other names like Gavin Newsom and Gretchen Whitmer are mentioned as potential replacements for Biden, starting fundraising from scratch would provide Donald Trump, the presumptive Republican nominee, a substantial advantage. Biden’s struggles during the recent debate further underscore the urgency for potential changes in the Democratic ticket.
By Michael Austin July 4, 2024 at 6:30am
Speculation regarding the Biden campaign’s next move following last week’s disastrous debate performance by President Joe Biden continues to ramp up.
The troubling signs of cognitive decline displayed at the debate, added to the 81-year-old president’s unpopular agenda and tanking poll numbers, have many Democrats looking for an alternative nominee only months away from the election.
Switching candidates this late in the game is no easy task. If Biden were to be swapped out, the $240 million raised for his campaign would not be transferable to the new candidate.
Unless that candidate was Vice President Kamala Harris.
Signum Global Advisors partner Rob Casey, a global policy and financial market consultant, told the New York Post as much on Tuesday.
“Biden has two real choices: Kamala inherits; or they transfer it all to the DNC,” Casey said.
“That money would all be accessed by Kamala … anyone else would be on their own for fundraising,” he said.
Harris would have access to the funds because she’s currently on the ticket for which they were raised, albeit as the vice presidential pick.
The Post, citing anonymous sources, reported the Biden-Harris campaign told donors on Sunday that shifting the funds toward a Harris run for president is the plan should Biden choose to step down.
Just because things would work out financially with Harris at the top of the ticket doesn’t mean they would work out practically, however.
The vice president’s incredible unpopularity would make her a tough sell to voters.
According to FiveThirtyEight’s polling averages, only 37.5 percent of Americans approve of Harris, compared with 49.6 percent who disapprove.
“The tragedy for the Democrats is they were so focused on identity politics they picked someone no one wanted who checks a box,” one unidentified Democratic donor told the Post. (Harris is the first woman and the first black person to be elected vice president.)
“Had they focused on performance politics they would be in a terrific situation … but I don’t think she can win,” the donor said.
Other names have been bandied about as potential replacements for Biden, including California Gov. Gavin Newsom and Michigan Gov. Gretchen Whitmer.
However, beginning to fundraise from scratch starting in July or later would give the presumptive Republican nominee, former President Donald Trump, a massive head start.
Biden struggled mightily during the CNN-hosted debate on June 27.
The president constantly mumbled, lost his train of thought, sounded hoarse and overall did not make much sense.
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