President Joe Biden is under pressure from key Democratic donors — like Disney (DIS) heiress Abigail Disney —who are withholding their money until he steps aside as the Democratic nominee in the 2024 presidential election. Yahoo Finance Senior Columnist Rick Newman explains that this is "about as bad a scenario as you can have going into the final months of a presidential election."

He adds that June's jobs report is yet another indicator of Biden's stellar jobs track record, however, it most likely won't change the overall public's perception: "People care way more about inflation at this point. Inflation has been coming down, but Biden is losing the narrative here. He's now on the defensive constantly about his age." As voters seek a younger candidate to replace Biden as the Democratic nominee, Newman explains that Vice President Kamala Harris could most likely become the frontrunner.

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This post was written by Melanie Riehl