FT News Briefing Joe Biden drops out of US presidential race
Jul 22, 2024
President Joe Biden’s surprising exit from the 2024 presidential race sets off a major shift in American politics, paving the way for Kamala Harris. Meanwhile, India's Prime Minister Narendra Modi faces challenges from coalition partners demanding budget reforms. In the UK, newly appointed Chancellor Rachel Reeves prepares for a fiscal statement, navigating the complexities of public service funding and high taxation expectations. Political maneuvering intensifies as leaders respond to economic pressures on both sides of the globe.
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Unprecedented Presidential Withdrawal
- Joe Biden's withdrawal from the 2024 presidential race is unprecedented so close to the election.
- This creates significant challenges for Democrats to strategize and unite behind Kamala Harris.
Reasons for Biden's Exit
- Biden's poor debate performance and dwindling campaign funds contributed to his decision.
- A recent COVID diagnosis gave him time to reflect before stepping down.
Impact on DNC
- The Democratic National Convention will need to adjust to Biden's withdrawal.
- While some Democrats advocate for an open process, there is a push to unite behind Harris to challenge Trump.