After Joe Biden's calamitous night in the first debate against Donald Trump, and wanting to clear up doubts about the party's nomination, the Democratic National Committee (DNC) may formalize the president's candidacy in mid-July, almost a month before the Democratic National Convention.

According to Bloomberg, the DNC is weighing this possibility as a way to put an end to speculation about replacing Biden and thus placate donors, especially those with the biggest wallets.

As far as timing goes, the president's nomination as the official Democratic candidate could be effective by July 21, much earlier than the Democratic National Convention, which is scheduled for August 19, Bloomberg reports after talking to sources involved in the process.

"The president’s lackluster showing last Thursday sparked calls from some prominent Democrats for him to suspend his campaign and pass the torch to someone else. In the days since the debate, Biden’s allies have struck a defiant tone. They have angrily dismissing calls for the oldest president in U.S. history to end his reelection campaign to make way for another contender. The incumbent president won about 99% of his party’s pledged delegates during the 2024 primary contest," Bloomberg reported.

This new date would mean that the president would make his candidacy official just three days after Trump does the same in Milwaukee.

The DNC has already modified its rules to allow delegates to nominate their candidate before August 19. The modification came from the Rules and Bylaws Committee, which delegated that responsibility to an independent committee that will meet July 19.

The challenge of reassuring major donors

Following the President's performance in the debate, many Democratic analysts noted a strong concern about Biden's candidacy among donors.  Parallel to the mission to confirm the president's nomination, the campaign also intends to assuage its wealthiest supporters.

According toThe New York Times, Biden's top campaign official " planned to hold a crucial conference call with donors on Monday to try to convince them that Biden can still win the race against former President Donald J. Trump."

"The call with the national finance committee, scheduled hastily on Sunday, is the Biden campaign’s most formal attempt yet to tamp down panic within the ranks of major donors since Thursday’s debate. On conference calls and Signal threads, many members of the National Finance Committee have been locked in ongoing conversation with their own networks and each other about whether their investment in the Biden campaign has been the right decision," they added.

At the same time, they confirmed that maintaining the donor base is critical for the president's campaign, which in recent months (except April) has been outperforming Trump in this key area.