Unprecedented Turmoil in Presidential Races

July 16, 2024

Both political campaigns paused their ad campaigns this weekend after the assassination attempt on former President Donald Trump. Ahead of this weekend, President Joe Biden and Democrats were trying to contain the fallout from his poor June 27 debate performance.

  • A flurry of post debate polls have shown Biden’s position slipping to Trump’s and many election forecasters have increased Trump’s chance of victory following the presidential debate.
  • 19 House Democrats have publicly called for President Biden to step aside while Senator Peter Welch from Vermont is the only Senate Democrat to urge Biden to quit.
  • Biden still has strong public support among many members of his party, despite reservations about his viability as presidential candidate raised in public and behind-the-scenes.

The bottom line: Biden has enough delegates to secure the nomination, so the decision to remain in the race is his alone.

  • 1,976 delegates are required to win the Democratic nomination, and Biden has 3,894. Two other candidates have a combined seven with another 36 uncommitted.
  • However, if Biden is convinced to drop out, there is little to no precedent for what will happen next. He could give a speech at the Democratic National Convention outlining who he would like his delegates to vote for and this would strongly inform their opinions and actions.

The delegates that Biden won during the primaries are only bound by their conscience to cast their votes for Biden. The key phrase in the DNC rules is below.

“All delegates to the National Convention pledged to a presidential candidate shall in all good conscience reflect the sentiments of those who elected them.”

Last Thursday, President Biden said delegates are “free to do whatever they want” at the Democratic National Convention, including nominating a different candidate. Shortly after, he mock-whispered into the microphone, “It’s not going to happen.”

To read more analysis from The Associated Press about the upcoming convention, click here.

What’s next: The Democratic Convention begins on August 19 in Chicago, While any change to the ticket beforehand will be disruptive, the process after the conventions becomes much more complex.

Please contact James Montfort (jmontfort@crefc.org) with any questions.
 

Contact 

James Montfort
Manager, Government Relations
202.448.0857
jmontfort@crefc.org 

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The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2024 CRE Finance Council. All rights reserved.

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