What’s happening: As President Biden’s weaknesses become ever more apparent, establishment Democrats and media opinionists are openly calling for Biden’s exit from the 2024 race while exploring potential outcomes, should he opt out.

• Who’s next: The logical choice to succeed the president would be his “ready to serve” vice president, but Kamala Harris is even less popular than Biden. Names such as California Governor Gavin Newsom and Illinois Governor J.B. Pritzker have been floated as possible replacements.

Why it matters: Were Biden to step aside after the Democratic National Convention in August, lobbyists (rather than American voters) would be in a position to endorse any nominee they prefer — potentially dissolving trust between the Democrat Party and its voters.

• Up to Biden: Ultimately, the decision whether or not to step down belongs solely to Joe Biden. At this point, there is no evidence that he’s willing to cede power for the sake of nominating a stronger candidate to take on Donald Trump.
• Cash cow: Despite Biden’s low approval rating, his campaign is relying on its $117 million cash cache to help steer the November election to the left.

Chasing windmills: Democrats worried about a Trump victory in November might be compelled to choose between two undesirable outcomes — risking further exacerbation of the divide between Democrat elites and the people to ensure a win, or losing the election.