US Democrats and their donors are discussing the possibility of swapping their presidential candidate ahead of the August convention in the wake of president Joe Biden’s poor performance at this week’s debate, Bloomberg reported on Saturday.

The media outlet described the president’s actions in his first election face-off with Trump as “catastrophic.” The 81-year-old appeared frail and confused, struggling to finish his sentences and mixing up words.

The development left the Democrat donors “dismayed,” Bloomberg said, adding that they exchanged “furious emails” after the debates. “From Washington to Wall Street,” many Democratic Party members and its supporters came to a conclusion that replacing Biden was “the only hope for Democrats.” 

“Finger-pointing and recriminations have gripped every level of the party,” Bloomberg reported, noting that “down-ballot Democrats will spend the rest of the campaign justifying their support” for the candidate widely perceived as unfit for office.

Mark Buell, a prominent Democratic San Francisco donor, called Thursday’s debate a “wakeup call.” If the current president were to step aside, “the responsible thing that would happen is that the money in campaign coffers would be given to another candidate who we think is plausible and exciting and can get behind, but that’s above my pay grade,” he said.

Another Democrat supporter, billionaire Mark Cuban, branded Biden’s debate performance “awful” and said he was “open to the discussion” about replacing him in the race. Some executives asked other prominent Democrats, including the Obamas, the Clintons, and former House Speaker Nancy Pelosi to press for an alternative to Biden, Jeffrey Sonnenfeld, president of the Chief Executive Leadership Institute at Yale University, told Bloomberg.

According to the media outlet, Vice President Kamala Harris as well as governors Gavin Newsom of California and Gretchen Whitmer of Michigan were named among potential replacements for Biden in conversations between Democrats in Washington.

Former President Barack Obama appeared to be still endorsing his former vice president in the wake of the debate. “Bad nights happen. Trust me, I know,” he said on Friday. Biden’s campaign also reported raising more than $27 million between debate day and Friday evening. The Trump campaign reported receiving $8 million on Thursday.

Earlier, House Speaker Mike Johnson said that the debate showed Biden was “not up to the task” and stated that his condition put the US in a “very dangerous situation.” The Republican politician argued that the president should not just drop out of the race but be removed from office immediately.

The New York Times editorial board also urged Biden to withdraw on Friday, arguing there was “no longer a sufficient rationale” for him to remain the Democratic nominee.

Biden himself vowed to continue the campaign in the wake of the debate. On Saturday, he doudbled down on his position by saying at a fundraiser in New York’s Hamptons that he would not be running if he did not believe he could win.

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