The donors bailing on Biden

Good morning and welcome to US Election Countdown. I'm Steff Chávez, the FT's Washington reporter. Today we’re getting into:

• Donors abandoning Biden
• Nato allies meeting with Trump’s circle?
• The latest swing state polling

Donors are warning the Democratic party that their funding is “drying up” because Joe Biden is refusing to step down.

Democratic donors are stakeholders with a very loud voice in the fight over Biden’s future, and if they choke off the money, it could have a devastating effect on the party’s ability to beat Donald Trump in the election.

These supporters, ranging from Wall Street to Hollywood, are pressuring Biden to give up his White House bid, and they’re increasingly willing to walk away from the campaign even though the race is slated to be the most expensive in US history [free to read].

“As of today, it would be very difficult to raise major donor money for the president,” one Democratic donor told the FT’s Alex Rogers and James Fontanella-Khan. “It is so quickly unravelling that it is going to be extraordinarily difficult for him to stay in the race.”

Another donor said the money was “in the process of drying up”, adding: “Nine to one when I talk to other donors, they’re not planning on contributing?.?.?.?because they’re concerned about losing.” . . . Register for the FT to keep reading the newsletter for free.