Breaking News: Biden's Future in Jeopardy as Democratic Leaders Consider Urging Withdrawal
Since the presidential debate, Biden's candidacy has received support from top Democratic leaders like Obama, Clinton, Pelosi, and Schumer. However, JPMorgan warns that the next three weeks will be crucial, as a decline in support from swing states could impact Biden's chances in the race.
If Senate Majority Leader Chuck Schumer or other senior Democrats publicly call for Biden to withdraw, it could signify a major shift in the race. This move may be driven by concerns over key swing state polls affecting Congressional races.
Despite having secured over 3,900 of the roughly 4,000 pledged delegates, ensuring his nomination at the Democratic convention, Biden still faces challenges. If he fails to win a simple majority on the first ballot, superdelegates could come into play, potentially opening the door for other candidates and leading to a contested convention.
JPMorgan also notes a decline in Biden's national-level support since the debate, indicating that if he falls behind Trump by 8-10%-pts in key swing states like Michigan, Wisconsin, and Pennsylvania, there will be pressure for him to drop out of the race.
In the event of Biden stepping down, Democrats are eyeing Kamala Harris as a potential Plan B nominee. Despite these uncertainties, Biden has outperformed Trump in fundraising, with $127 million raised in June and an additional $38 million since the debate.
In conclusion, the upcoming weeks will be critical for Biden's campaign, as support from swing states and key Democratic leaders could determine his future in the race. The possibility of a contested convention and the potential nomination of Kamala Harris as Plan B add further intrigue to the Democratic race. Investors and voters alike should keep a close eye on these developments, as they could have significant implications for the outcome of the election and financial markets.