Donors hail Biden: Harris 'jolt of adrenaline' will energize Democratic base
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.
“You know, the Democratic Party is like a bunch of cats,” said Cotton. But eventually, everyone would coalesce around the candidate to defeat Trump, she said.
For Democrats who are now lauding Biden and his legacy, the way to put it in action is to respect Biden’s wish and go along with endorsing Harris, said Cotton.
Marty Dolan, a New York donor who attended a Biden fundraiser at Michael Douglas’ home in May and asked Biden to step aside after the debate, said donors will “support the party 100%.”
“The Democrats can flip the script on age, too,” Dolan said. “The Republicans have a 78-year-old candidate who garbles his words.”
That's something Nikki Haley, the former U.N. Ambassador who ran against Trump in the Republican primary, might agree with. Haley said repeatedly on the campaign trail: “The first party to retire its 80-year-old candidate is going to be the one who wins this election.”
Harris, on Sunday praised Biden for his “selfless” and “patriotic act,” said she was up to the challenge.
“I am honored to have the President’s endorsement and my intention is to earn and win this nomination,” she said. “I will do everything in my power to unite the Democratic Party—and unite our nation—to defeat Donald Trump and his extreme Project 2025 agenda.”
Narasimhan said he couldn’t wait to get started.
“We will go all out to support her," he said. "And we hope to bring a larger coalition together to do the same with us.”
Swapna Venugopal Ramaswamy is a White House correspondent for USA TODAY. You can follow her on X, formerly Twitter, @SwapnaVenugopal
This article originally appeared on USA TODAY: Demoractic donors praise Biden decision: Harris a 'jolt of adrenaline'
