Recent speculations suggest that there is a 40% chance that President Joe Biden will not seek reelection, according to Stifel. Brian Gardner, the firm’s chief Washington policy strategist, believes that this week is crucial for the president’s campaign as Congress resumes session after the Fourth of July recess.
Gardner expressed his thoughts on CNBC’s “Fast Money,” stating that there is a 60% chance that President Biden will continue his reelection bid. He mentioned that Biden has a tendency to defy the expectations of the Democratic Party’s elite, often doubling down when urged to step aside. This resilience may deter those within the party who are advocating for his withdrawal from the race.
Democrats who are pushing for Biden to drop out face a significant obstacle – they lack leverage. While they can attempt to persuade him, they do not have the authority to force him out of the race. Gardner highlighted the unlikelihood that a substantial portion of Biden’s loyal supporters would abandon him and not endorse his nomination.
Despite enduring concerns about President Biden’s age, a lackluster debate performance in June has shifted the narrative surrounding his candidacy. Polls and financial markets are indicating a growing preference for former President Donald Trump as sentiments evolve. However, if Biden chooses to remain in the race, Gardner suggests that the Democratic Party could still secure a favorable outcome. He pointed out that there is a demographic of voters who are steadfast in their opposition to Trump, regardless of the circumstances.
Overall, the uncertainty surrounding President Joe Biden’s reelection campaign is a topic of intense discussion as key players in the political arena evaluate the potential outcomes based on recent events and changing dynamics.