WASHINGTON − After more than three weeks of fretting about President Joe
Biden’s
reelection bid, major donors say they are relieved and grateful
for his decision to step aside.
Biden, 81, had been facing mounting pressure from the
influential donor-verse since his disastrous debate performance last month
against former President Donald Trump,
when he trailed off and froze at various points before a live television
audience.
Soon after announcing Sunday that he was stepping aside, the
president endorsed Vice President Kamala Harris, 59, as the
Democratic nominee.
Shekar Narasimhan, founder of the AAPI
Victory Fund, which has donated millions to Democratic candidates and to Biden,
said the announcement was the “jolt of adrenaline” needed to energize the base
after the last three weeks.
“This may be the most important
legacy that Joe Biden could have given this country,”
Narasimhan told USA TODAY. “The opportunity for us to defeat Trump and defeat
him with a woman of color both Black as well as Asian Indian.”
Narasimhan said a broad coalition was
getting ready to endorse Harris.
Biden also had been facing calls to step aside by boldface
donors including Hollywood powerhouse George Clooney, who hosted the biggest
fundraiser in Democratic Party for Biden, raising $28 million, and Disney heir Abigail Disney,
who said she planned to withhold donations to the party she has funded for
years until Biden dropped out. The day after the debate, Betty Cotton of New
York, who has donated hundreds of thousands to Democratic candidates over the
years, told USA TODAY that Biden must step aside.
On Sunday, Cotton said Biden had made a “brave decision.”
“It’s a very substantial decision that he made, and I think it's
going to help everything,” she said. Endorsing Harris was the right move, she
said.
“He knows that unifying the party and everybody is going
to be critical,” she said. “And I think Kamala is going to be great.”
The donors, however, are under no illusion that is was going to
be easy.
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