President Biden is under fire after his debate performance sparked concerns about his age and cognitive abilities. Yahoo Finance Senior Columnist Rick Newman breaks down the latest news as the president receives more calls to step down from the 2024 election.

According to the New York Times, Biden has told a close ally that he is weighing whether to continue his candidacy in the presidential race. Newman explains that this signals that Biden and his inner and outer circles are aware of the public's perception of his candidacy as polls remain mixed.

He notes that if Biden willingly steps down, it's not all bad news for Democrats. He explains that if the president does endorse somebody — likely vice president Kamala Harris — they would immediately become the frontrunner. "What will probably happen is there will be a ticket with Kamala Harris at the top and perhaps somebody new and interesting as her running mate. And then the challenge for Kamala Harris is, can she overcome all the doubts that surrounded her after she had a very poor presidential campaign in 2020," Newman states.

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This post was written by Melanie Riehl

Video Transcript

It has been a rough week for President Biden amid questions about his ability to serve another term following his debate performance last week.

And now new reports of backers of donors backing out and who could replace him are surfacing for more on what's next we wanna bring in Yahoo finances, Rick Newman.

So, Rick, where do things stand right now at this minute?

Well, why are they standing at this minute?

It won't be the same as where they stand in the next minute.

So I don't think, I guess I shouldn't spend too much time on this.

But, uh, the New York Times story you referred to, uh, is from a close ally and donor to Biden.

They did not identify who it was.

I have no idea who it was said to the New York Times or the New York Times got word that Biden has acknowledged to this person that yes, he may have to leave the race if he cannot turn around the sinking poll numbers and all the other problems he's been having since that terrible debate from last Thursday.

So, um, I see two things in here.

Number one, this was a leak to the New York Times and whoever was leaking it to the New York Times may have been doing that to put pressure on Biden to withdraw.

So if this is a sign that perhaps even Biden's inner circle, as well as some of the outer circles are starting to say it's time for him to go and suggesting that he knows it himself, that could intensify the pressure on him.

Separately.

There was a Reuters polls came out today actually represented a little bit of good news for Biden.

It, it showed that Biden has actually improved in his standing against Trump on a nationwide basis in that poll.

Biden improved by a couple of points.

He and Trump are tied in that poll.

But first of all, that's not the type of poll that matters.

The polls that matter are the ones in six or seven swing states, not the national polls.

And meanwhile, there are some other polls that show the opposite that Biden.

Biden is losing ground.

And I think the next several days over the July 4th weekend, uh there's a lot that could happen.

Um We're probably going to see more polls get a better idea of how Biden is really faring after the debate.

He's supposed to do an interview, uh live with ABC News on Friday.

I assume George Stephanopoulos is going to ask him all the questions that are in people's minds.

Was it really jet lag?

How could it be jet lag more than a week after you got back from your trip to Europe.

Um Are you aware that people think you're not completely competent and so forth?

So that'll be a chance to see how Biden handles it.

And, um, you know, by the time, uh we're, we, by the time this segment ends, Sean, something else could have gone.

So, who knows, Rick?

I'm just, I'm also just interested in the process.

Meaning um let's say Biden does step down, releases the delegates.

Then what happens, Rick?

Well, if Biden, if Biden willingly uh steps down that that's not so bad for Democrats.

Uh then uh you know, first of all, it depends, does Biden endorse somebody?

Um Kamala Harris, the current vice president, she, she immediately becomes the front runner and I think she becomes the front runner by a lot.

Um So there's this, there's this thing going on now that people are jokingly calling the fantasy football of the democratic presidential campaign where everybody's just putting together their dream ticket.

So somebody suggested, what if Kamala Harris runs with Barack Obama as the vice president presidential candidate not gonna happen.

There are all these other combinations that not gonna not gonna happen, but what will probably happen is there will be a ticket with Kamala Har at the top and perhaps somebody new and interesting as her running mate.

And then the challenge for Kamala Harris is can she overcome all the doubts that surrounded her after she had a very poor uh presidential campaign in 2020.

And now, remember she only made it part of the way through the democratic primaries and dropped out pretty early.

She just ran a lackluster campaign.

So people kind of think, well, it would probably be the same time around.

I'm not so sure.

I think, I think she would get a period of time, a honeymoon period if you will to reset, we let voters figure out how much has she learned during the last four years?

What have four years in the White House and other parts of the Biden administration helped her learn?

Does she have more stature?

Um, does she present herself differently?

So that's what I would look for.

But, um, that is several, you know, news cycles away, I think, but who knows?

Maybe we'll be talking on, talking about this 15 minutes from now.

All right, we'll bring it back for sure.

Rick.

Thank you for joining us.

Appreciate it.

You guys.