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The debate over Biden’s fitness for the presidency: The circle narrows

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Calls are growing in the US for Vice President Joe Biden to withdraw from the presidential race.

Democratic donors have warned that Biden’s refusal to step aside has “drained” funds for the November election and threatens to undermine the party’s efforts to defeat Donald Trump.

According to a report in the Financial Times (FT), donors have become a key audience in the battle over Biden’s future, with some aggressively pushing for his withdrawal even as Democratic members of Congress waver on his candidacy.

Their growing willingness to withdraw from the campaign, expressed in interviews with donors from Wall Street to Hollywood, poses a new risk to Biden’s re-election if he remains in the race for the White House, which is expected to be the most expensive in US history.

Donors say ‘money is drying up’

“As of today, it’s going to be very difficult for the president to raise money from big donors. It’s drying up so fast that it’s going to be extraordinarily difficult for him to stay in the race.”

Another donor, who has been in the party for decades, said the money was “drying up” and added: “When I talk to other donors, nine to one, they don’t plan to contribute … because they’re worried about losing.

Biden has sought to allay donors’ concerns in recent days, and on Monday he addressed them by participating in a conference call moderated by campaign manager Jennifer O’Malley Dillon.

While critical Democrats, including the Congressional Black Caucus and the Hispanic Caucus, have offered support for Biden, the effort has given Biden some breathing room as no member of the official party leadership has openly called for him to step aside.

But several high-profile Biden supporters, including Netflix co-founder Reed Hastings, hotel magnate Stewart Bainum Jr. and actor George Clooney, have explicitly cited the president’s mental instability in their calls for him to step aside.

Some ‘fat wallets’ continue to pour in money

One Democratic donor said a long-time donor had refused to even hear an offer of more money. “It’s really hard to raise money in any way. Since the debate, [donors] have gone from not enthusiastic to just angry,” the fundraiser said.

Biden’s campaign said the president’s poor debate performance against Trump late last month had not hurt fundraising, pointing to $38 million raised shortly after the event.

Roger Hochschild, former chairman of Discover and one of Biden’s biggest donors, suggested in an email on Wednesday that Democrats were “coalescing” around their presumptive presidential nominee after the “initial wave of concern”.

Another major Biden donor, Peter Lowy, former CEO of the Westfield Group and an investor in the English soccer team Leeds United, donated $929,600 to the president’s joint fundraising group on Monday, the largest amount.

“I’m a businessman and I make decisions based on results,” Lowy said, pointing to the strong US economy under Biden as one of the reasons for his support.

In the 2020 race, Biden became the first candidate in US history to raise more than $1 billion, beating Trump, who raised $774 million, according to OpenSecrets. Including outside groups, the 2020 election cost more than $2.7 billion.

Clooney’s call for Biden to ‘step aside’ could be effective

On the other hand, Clooney’s call for Biden to drop out of the race could encourage others to take a similar stance. Last month, the actor spearheaded a $28 million fundraising drive in Hollywood.

Some Wall Street donors are now preparing to put more pressure on Biden to withdraw, but he said he was disappointed by his intransigence.

“I never thought I’d say this, but I’m hoping he makes a big gaffe,” said one Democratic donor in New York, adding that it would force Democratic elders like Senate Majority Leader Chuck Schumer or South Carolina Congressman Jim Clyburn to give a “time’s up” speech.

Some donors warned that if Biden did not withdraw, the party risked losing both houses of Congress as well as the White House.

Pelosi joins the chorus

On the other hand, Nancy Pelosi also gave a strong indication that she expects Biden to withdraw.

Pelosi, a former speaker of the House of Representatives and one of the party’s most influential members of Congress, said in an interview with MSNBC: “It’s up to the president to decide whether or not to run. We’re all encouraging him to make that decision because time is running out,” Pelosi said in an interview with MSNBC.

Clooney, on the other hand, wrote in an op-ed for the New York Times that he likes Biden, but that “the only battle he cannot win is the battle against time”.

Clooney said: “None of us can win. It’s devastating to say this, but the Joe Biden I was with at the fundraiser three weeks ago was not the Joe ‘big f-ing deal’ Biden of 2010. He wasn’t even the Joe Biden of 2020. He was the man we all saw in the debate,” he said.

AMERICA

Biden plans to write off Ukraine’s $4.6bn debt ahead of Trump

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President Joe Biden’s administration has officially notified Congress of its intention to forgive Ukraine’s $4.65 billion debt, a move tied to ongoing efforts to support the country amid its conflict with Russia.

This debt represents half of the $9 billion provided to Kyiv as part of the $61 billion aid package approved by Washington in April. Unlike other forms of assistance, this funding was issued as conditionally repayable loans, with provisions allowing the United States President to cancel up to 50% of the debt if deemed necessary.

In a statement, the U.S. State Department explained that the debt cancellation is intended to “help Ukraine win” and serves the national interests of the U.S., the EU, G7+, and NATO.”

According to Bloomberg, President Biden is determined to maximize aid to Ukraine before President-elect Donald Trump assumes office. However, the decision to write off the debt has drawn sharp criticism from Republicans.

Republican Senator Rand Paul argued that the Biden administration’s decision places undue financial burden on the American public. He pledged to demand a vote in the Senate to challenge the proposal.

Despite this, Bloomberg notes that any effort to overturn the debt cancellation would require approval from both houses of Congress, a scenario that appears unlikely given the Democratic majority in the Senate. Furthermore, President Biden holds veto power, making reversal of the decision even more challenging.

Earlier, U.S. Secretary of State Antony Blinken announced plans to exhaust all remaining aid approved by Congress before President Trump’s inauguration on January 20.

National Security Advisor Jake Sullivan emphasized that one of the administration’s key goals is to position Ukraine as strongly as possible—both militarily and at the negotiating table.

Pentagon officials reported that $9.3 billion in military aid is currently in the pipeline. Pentagon spokeswoman Sabrina Singh confirmed plans for weekly arms deliveries to Kyiv, with the aim of expediting aid distribution before the presidential transition.

On November 20, the Pentagon unveiled an additional $275 million military aid package for Ukraine, further underscoring the administration’s commitment to strengthening Ukraine’s defense capabilities.

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AMERICA

Donald Trump taps Howard Lutnick to lead Commerce Department

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Donald Trump has announced his intention to nominate Wall Street investor and campaign donor Howard Lutnick as the new head of the U.S. Department of Commerce, placing the billionaire at the forefront of implementing the sweeping tariffs promised during his presidential campaign.

Lutnick, who co-chaired Trump’s transition team, had previously been considered for the role of Treasury Secretary. He is also the CEO of Cantor Fitzgerald, a prominent investment firm.

In a statement on Tuesday, Trump declared that Lutnick would be “directly responsible” for leading the Commerce Department and overseeing the Office of the U.S. Trade Representative (USTR).

The USTR, established in 1974 to manage negotiations with U.S. trading partners, traditionally reports directly to the president. If confirmed by the Senate, the 63-year-old Lutnick will play a pivotal role in aiding U.S. businesses and executing Trump’s proposed tariffs on international trade partners.

Trump has outlined plans for a 60% tariff on imports from China and a global tariff of up to 20%, signaling a major shift in U.S. trade policy.

Lutnick, despite lacking prior government experience, has been a steadfast advocate for Trump’s economic agenda. During a New York campaign rally, Lutnick remarked, “When was America great? At the turn of the century, our economy was floundering! That was 125 years ago. We had no income tax and all we had were tariffs.”

While Lutnick has emerged as a major donor to Trump, he has also supported establishment Democrats and Republicans in the past, including Chuck Schumer and Jeb Bush. He contributed to both Hillary Clinton’s 2008 and 2016 campaigns, hosting a fundraiser for her in 2015. Lutnick maintains a personal friendship with the Clintons, noting their attendance at a Cantor Fitzgerald fundraiser in September 2022.

Lutnick has also maintained a long-standing relationship with Trump, even appearing on The Celebrity Apprentice in 2008. He disclosed to the Financial Times in October that he has donated over $10 million to Trump’s 2024 campaign and another $500,000 to the transition team, totaling approximately $75 million.

Treasury Secretary selection process still uncertain

The position of Treasury Secretary, one of the most significant roles in Trump’s administration, remains undecided. Lutnick’s name has been floated for the role, though he faces competition from hedge fund manager Scott Bessent, private equity billionaire Marc Rowan, and former Federal Reserve governor Kevin Warsh.

Marc Rowan, the CEO of Apollo Global Management, has emerged as a leading contender and is expected to meet with Trump to present his case. Rowan’s supporters cite his extensive expertise in financial markets, though competition remains fierce.

Forecasting site Polymarket currently lists Warsh as the favorite for Treasury Secretary, followed by Bessent, Rowan, and William Hagerty. If unsuccessful in his bid for Treasury Secretary, Bessent is reportedly vying for the chairmanship of the National Economic Council.

Trump names Mehmet Oz to run Medicare and Medicaid

Trump also announced on Tuesday his nomination of Dr. Mehmet Oz to lead the Centers for Medicare and Medicaid Services (CMS). Describing Oz as “one of the most talented physicians” capable of “making America healthy again,” Trump expressed confidence in Oz’s ability to reduce waste and fraud within the nation’s largest government agency.

Dr. Oz, a former heart surgeon and Columbia University professor, rose to prominence as Oprah Winfrey’s health expert before hosting his own popular talk show. However, his career has been controversial, with critics accusing him of promoting scientifically dubious theories and unproven treatments.

Oz’s political experience includes a 2022 Senate race in Pennsylvania, where he was endorsed by Trump but ultimately lost to Democrat John Fetterman.

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U.S. may start its plan to separate Google from Chrome

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The Department of Justice (DOJ) may move forward with plans to force the sale of Google’s Chrome web browser as part of its ongoing antitrust case against Alphabet (Google).

According to sources familiar with the case, the department intends to ask the judge—who ruled in August that Google illegally monopolized the search market—to address concerns related to artificial intelligence (AI) and the Android smartphone operating system. This information was reported by Bloomberg.

Antitrust officials, along with participating state attorneys, are expected to recommend that federal Judge Amit Mehta impose data licensing requirements on Google. These officials have indicated that Chrome, the world’s most widely used browser, is a critical gateway for many users accessing Google Search. For this reason, they are urging the judge to mandate the sale of Chrome.

Officials stated that a Chrome sale could be considered later if other settlement measures fail to foster a more competitive market. Currently, Google Chrome commands a dominant 61% share of the U.S. browser market, according to StatCounter, a web traffic analysis service.

Over the past three months, state attorneys interviewed numerous companies to prepare their recommendations. Officials noted that some recommendations are still under review, and details may evolve before submission.

While a proposal to force Google to sell its Android platform was considered, officials have since stepped back from this more aggressive option.

If Judge Mehta adopts these recommendations, the ruling could significantly reshape the online search market and influence the emerging artificial intelligence industry.

The case, originally filed during the Trump administration and continued under President Joe Biden, represents one of the most aggressive efforts to regulate a major tech company in decades. The last comparable attempt was Washington’s unsuccessful bid to break up Microsoft in the early 2000s.

Chrome plays a crucial role in Google’s advertising business by providing user data that enhances ad targeting, a primary revenue source. Additionally, Google has been leveraging Chrome to promote Gemini, its new AI bot. Gemini has the potential to evolve from a simple answer bot to a comprehensive assistant, supporting users across the web.

Bloomberg Intelligence analyst Mandeep Singh estimates that Chrome could be worth $15–20 billion if sold, considering its more than 3 billion monthly active users. However, Bob O’Donnell of TECHnalysis Research notes that Chrome’s value depends on its integration with other services, stating: “It’s not directly monetizable. It acts as a gateway to other things. Monetization would depend on how buyers link Chrome to their services.”

Google has strongly opposed the DOJ’s recommendations. Lee-Anne Mulholland, Google’s vice president of regulatory affairs, criticized the move as government overreach, arguing: “This agenda goes far beyond the legal issues in this case and will harm consumers, developers, and American technological leadership at a critical time.”

Former Google CEO Eric Schmidt echoed this sentiment in an interview with CNBC. He emphasized the value of Chrome in enhancing the Google ecosystem, stating: “Singling out these companies won’t fundamentally solve the broader issues.”

In a blog post, Google warned that under new ownership, Chrome might no longer remain free or receive the same level of investment, potentially leading to a shift in its business model.

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