Some of the wealthiest backers of President Joe Biden’s own party, including a Disney family heiress, have reportedly threatened to withhold their financial support from the Democratic Party unless he withdraws from the contest.
The Walt Disney Company cofounder Roy O. Disney’s granddaughter, Abigail Disney, told CNBC on Thursday that she intends to stop contributing to the party she has supported for years until Biden decides to step aside ahead of the November vote.
“This is realism, not disrespect. Biden is a good man and has served his country admirably, but the stakes are far too high,” Disney said. “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.”
As per a filing with the Federal Election Commission, Disney donated $50,000 to the Jane Fonda Climate political action group in April – which in turn has donated $35,000 to Democratic candidates for congressional seats.
According to CNBC, philanthropist Karla Jurvetson, who has contributed more than $200,000 to the Biden Victory Fund this election cycle, stated earlier this week on a call with private donors that she agrees with the rumors that donations should stop until Biden is removed from the Democratic party ticket. She also hinted that she might shut off the spigot herself – after donating more than $30 million in 2020 alone.
Another $3.5 million in planned donations to different NGOs and political organizations will be halted if Biden remains in the race, according to Gideon Stein, a dependable contributor with substantial ties inside Democratic Party politics.
The possible influence that Biden may have on elections farther down the ballot in November is one of the major worries of the Democratic donor class, after his lackluster performance in the debate against former President Donald Trump last week. Following the debate, a New York Times/Sienna College survey found that among likely voters, Biden lagged behind Trump by six percentage points.
This has encouraged affluent supporters to come up with alternatives. For instance, one organization is attempting to gather up to $100 million to establish Next Generation PAC, a financial escrow fund-style organization that will assist a prospective successor candidate.
Disney made the case that Vice President Kamala Harris would be a strong contender to unseat President Trump in place of Joe Biden.
“We have an excellent Vice President. If Democrats would tolerate any of her perceived shortcomings even one tenth as much as they have tolerated Biden’s (and let’s not kid ourselves about where race and gender figure in that inequity) and if Democrats can find a way to stop quibbling and rally around her, we can win this election by a lot,” Disney said.
