With Biden’s Endorsement of Harris, What’s Next?

President Biden endorsed Vice President Kamala Harris to replace him on the ticket but a number of senior Democrats and donors haven’t. Credit…Yuri Gripas for The New York Times

Follow the money

The shock waves from President Biden ending his re-election bid, after weeks of pressure to step aside, are still reverberating around the world.

Many Democratic officials and financial backers have followed his lead and endorsed Vice President Kamala Harris as his successor in the race. But the conspicuous silence of some senior party leaders and warnings from prominent donors suggest that the party’s ticket isn’t a done deal.

The latest: Biden’s withdrawal opened a flood of Democratic donations, with more than $50 million pouring in on Sunday, in what one strategist said might be “the greatest fund-raising moment in Democratic Party history.”

Wall Street and Hollywood donors came back in force, while stalwart Biden backers, including the tech billionaire Reid Hoffman and the hedge fund scion Alex Soros, pledged their support to Harris.

Not all senior Democrats crowned Harris as their preferred candidate. Some, including Senator Chuck Schumer, the majority leader, and Representative Hakeem Jeffries, the minority leader, didn’t endorse anyone. Neither did Representative Nancy Pelosi, the influential former Speaker, who previously indicated that she wants an open nomination process. Barack Obama didn’t either, though The Times reported that he was simply staying neutral and didn’t have an alternative candidate in mind.

And many outspoken donors were withholding their endorsements:

• Reed Hastings of Netflix: “Dem delegates need to pick a swing state winner.”

• Vinod Khosla, the venture capitalist: “I want an open process at the convention and not a coronation.”

• Mike Novogratz, the crypto investor: “The donor community I speak to doesn’t think she’s the best to win, but everybody thinks she deserves a fair chance.”

Is money really a roadblock for potential challengers? The common consensus is that Harris has a huge financial edge, given her existing base of donors and her being the only candidate who could easily take over Biden’s campaign apparatus, including the $96 million in its coffers. Others would effectively start from zero.