Presser Looms As Cracks Form In Biden's Senate Wall, Donations Dry Up, Delegates Rebel

 Despite President Biden and his team attempting a major, multi-faceted counter-offensive aimed at silencing demands for him to call off his re-election bid, the push to bounce Biden off the ticket has only grown stronger -- with major new developments in the Senate and elsewhere fostering a growing sense that the 81-year-old's campaign is in its final days. 

Today could bring the coup de grâce, when Biden hosts a rare, solo press conference at 5:30 pm. That's outside the ideal 10am-to-4pm window in which administration sources say he's best able to function -- and it will be held on the South Grounds of the White House, with a forecast temperature of 91 degrees. As if that weren't enough to stack the deck against him, the presser will come after Biden has spent a full day in NATO summit meetings, including a session with Ukrainian President Volodymyr Zelensky. 

On top of all that, Biden will face a press corps that's been re-programmed to accelerate the ongoing establishment coup that's seen as the last means of beating Trump in November. As we noted in our press-conference preview:

"With Biden on a precipice, Thursday's press conference could be a contest among reporters striving to cement their place in history by being the one to give Biden the decisive shove over the cliff." 

Biden's 2024 campaign slid closer to that edge on Wednesday, as Vermont's Peter Welch became the first Democratic senator to publicly call for Biden to exit the race, pointedly saying "We cannot unsee President Biden’s disastrous debate performance. We cannot ignore or dismiss the valid questions raised since that night...I deliver this assessment with sadness."

His call came on the same day that the number of House reps issuing similar pleas to Biden grew to nine, with Oregon's Earl Blumenauer saying Biden "should not be the nominee." Also, New York Lt. Gov. Antonio Delgado joined the chorus, in a move that reportedly made Gov. Kathy Hochul "furious." 

Of potentially greater Senate significance than Welch's announcement, Democratic Majority Leader Chuck Schumer has reportedly been entertaining avenues by which Biden could be replaced. "Schumer is privately signaling to donors that he's open to a Democratic presidential ticket that isn't led by President Biden," Axios reported. According to three unnamed sources, he has been listening to "donors' ideas and suggestions about the best way forward." Schumer responded to the report by merely reiterating that he "support[s]" Biden." 

In an attempt to shore up Biden's weakening Senate wall, three of Biden's top political advisors will meet with Democratic senators at lunch today to give an audience to their concerns. Reflecting the increasingly sour mood among upper-chamber Democrats, Punchbowl News reporter Andrew Desiderio says one of those senators spontaneously told him the meeting will be “a waste of everyone’s time if Biden can’t even come make the case himself.”

In addition to the Senate, there's new action on another anti-Biden front, as dozens of Democratic Party delegates are organizing a letter to the DNC seeking nominating-convention rule changes that would make their votes secret and allow delegates to vote their conscience -- rather than being bound to vote for the winners of their state primaries and caucuses.

In a defensive move, members of Biden's campaign team have been calling individual delegates to assess their loyalty to the president, Politico reports. The aides are asking question like, "Do you understand what being a pledged delegate means?" and "Do you have any potential disagreements with the president?"

Wednesday also brought a major-headline broadside from Hollywood, as actor and Biden rainmaker George Clooney published a New York Times op-ed declaring that the Biden he saw at last month's big Los Angeles fundraiser is a shell of his former self:

Further fueling the Democrats' sense of all-out crisis, donors large and small are making good on their promises to withhold donations so long as Biden is atop the ticket. Donations to the Biden-Harris campaign have gone into an absolute free-fall, and NBC News served up a variety of doom-and-gloom quotes from various sources "close to" the campaign's fundraising efforts: 

• “It’s already disastrous."
• "The money has absolutely shut off."
• “Donors are negative. They had a call with the president. The call seemed so contrived to people...I don’t think they buy it." 

There's been a growing comedic edge to Democrats' public remarks this week. On Monday, Biden sent Congressional Democrats a two-page letter unequivocally declaring that, after having "extensive conversations...over 10 days" with Democratic party officials, legislators and voters, he is determined to stay in the race to Nov. 5. Pretending they didn't read that -- or hear Biden's declaration that it would take a directive from "the Lord Almighty" for him to opt out, prominent Democrats continue talking about Biden's decision in the future tense. Case in point: Nancy Pelosi's Wednesday-morning appearance on MSNBC:  

The phenomenon has made for laughs across social media...

While everyone else is laughing, the pressure from the Biden crisis is clearly getting to Nancy:

...while even the long-serving Biden apologists at leftist outlets at CNN are increasingly contemptuous of the Baghdad Bob lines emanating from the White House: 

It can't be long now...

https://www.zerohedge.com/political/crucial-press-conference-today-cracks-form-bidens-senate-wall-donations-dry-delegates

Johnson says world leaders privately telling him they’re ‘concerned’ about Biden

 Speaker Mike Johnson (R-La.) said the NATO world leaders he’s met with this week are privately telling him they’re concerned about President Biden and his ability to lead the country.

“All those NATO leaders are here on the Hill as you know,” Johnson told Fox News’s Laura Ingraham on Wednesday evening. “These foreign leaders are coming in, prime ministers, heads of state and they are telling us privately that they are deeply concerned.”

“A weak America is bad for the whole world,” he continued.

Johnson joined “The Ingraham Angle” as concerns around Biden’s capabilities to lead the country and beat former President Trump in the election this fall persist.

“It’s been an incredible thing to watch on Capitol Hill. The Democrats are in total disarray; they don’t know what to do,” Johnson said. “They don’t have a Plan B, but they know they’ve got a serious problem.”

In the nearly two weeks since Biden’s poor debate performance sparked panic among Democrats, he and his campaign have held rallies and sat for interviews in an attempt to win back voters.

The president delivered remarks at the NATO summit, which marks the 75th anniversary of the organization’s forming.

The event was seen as an important milestone for Biden as the national and international conversation continued to focus on his demeanor and mental sharpness.

Biden has sent support internationally for two wars during his tenure. He is a major ally of Ukraine as it continues its war with Russia.

Biden has also supported Israel and its efforts to defeat Hamas, the Palestinian militant group in Gaza, but has since taken a more restricted tone with the country as the death toll exceeds 38,000.

As of Wednesday evening, nine Democrats in the House and one in the Senate have publicly called for Biden to withdraw.

Earlier Wednesday, former Speaker Nancy Pelosi (D-Calif.) urged her colleagues to allow the president to focus on the NATO conference.

“I’ve said to everyone, let’s just hold off, whatever you’re thinking, either tell somebody privately, but you don’t have to put that out on the table until we see how we go this week,” Pelosi said.

https://thehill.com/homenews/4765421-mike-johnson-world-leaders-privately-concerned-joe-biden/

Arkansas abortion rights ballot initiative rejected by secretary of state

 The Arkansas secretary of state on Wednesday rejected an effort for an abortion-rights ballot measure that would ensure access to the procedure up to 18 weeks in the state.

In a letter to Arkansas for Limited Government — the group behind the effort — Secretary of State John Thurston said the group did not submit the required statements about paid signature gatherers.

The group announced last Friday it collected more than 100,000 signatures, exceeding the 90,704 needed for placing the amendment to the state constitution on the ballot.

The proposed measure would amend the Arkansas Constitution to explicitly prohibit the state government from being able to “prohibit, penalize, delay, or restrict abortion services” in any situation up to 18 weeks of pregnancy.

All abortions are currently banned in Arkansas except for when necessary to save the life of the patient.

Thurston said the group did not provide a statement confirming each canvasser was given proper documentation and a rundown of the state’s law before signature gathering began.

“By contrast, other sponsors of initiative petitions complied with this requirement. Therefore, I must reject your submission,” he wrote.

Arkansas for Limited Government said they emailed the statement more than a dozen times and asked for a period to provide a hard copy to the office.

Thurston claimed 14,143 of the 101,525 submitted signatures were collected by paid canvassers, while the remain 87,832 volunteer signatures fall more than 3,300 signatures behind the minimum amount.

“Therefore, even if I could accept your submission, I would be forced to find that your petition is insufficient on its face for failure to obtain the required 90,704 signatures,” he wrote.

The group, in a statement Wednesday, said it was “alarmed and outraged” by Thurston’s letter. The group said it worked with the secretary of state’s office to ensure all rules and regulations were followed.

“Until today, we had no reason not to trust that the paperwork they supplied us was correct and complete,” the group said, adding, “Arkansas law does not empower the Secretary of State to make an unfounded legal interpretation, which is what he did today by summarily declaring that we have not completed the steps for disqualification.”

State constitutional amendments to protect abortion access could be voted on in up to 11 states this year, including Colorado, Missouri and Florida. Five states are confirmed to have them up for a vote and others are in varying stages of advancing similar measures.

Arizona and Nebraska similarly announced earlier this month they had collected enough signatures for measures ensuring abortion access could be on their state ballots.

https://thehill.com/policy/healthcare/4765497-arkansas-abortion-rights-ballot-initiative-rejected-by-secretary-of-state/

Consumer prices expected to have cooled further in June, bolstering hopes for Fed rate cuts

 On Thursday, investors will digest one of the most important data points that will shape future Federal Reserve interest rate policy: June's Consumer Price Index (CPI).

The inflation report, set for release at 8:30 a.m. ET, is expected to show headline inflation of 3.1%, a deceleration from the 3.3% rise seen in May. This would be the smallest annual rise since January as another drop in energy prices likely will have contributed to further downward pressure on headline CPI.

Over the prior month, consumer prices are expected to have risen 0.1%, a slight uptick from May's flat monthly reading.

Meanwhile, on a "core" basis, which strips out the more volatile costs of food and gas, prices in June are expected to have risen 3.4% over last year and 0.2% over the prior month, unchanged from May, according to Bloomberg data.

"We expect the June CPI report to be another confidence builder following the undeniably good May report," Bank of America economists Stephen Juneau and Michael Gapen wrote in a note last week.

The economists said while the anticipated numbers are "not quite as low as May, it would be a good print for the Fed."

Thursday's inflation data arrives at a critical moment for the central bank after slowing job market growth, coupled with recent testimony from Federal Reserve Chair Jay Powell, have kept rate cut hopes alive.

Powell, who is set to complete his semiannual policy update to Congress on Wednesday, has largely stuck to his data-dependent narrative — a positive sign given recent encouraging data. On Tuesday, he told the Senate Banking Committee that although there's been evidence of inflation cooling, the Fed still needs more "good data" to be confident that inflation is moving toward the Fed's 2% target.

Core inflation has remained stubbornly elevated due to higher costs of shelter and core services like insurance and medical care. In May, non-housing services "surprisingly edged down in May, owing in large part to a slight decline in motor vehicle insurance," Bank of America's Juneau and Gapen noted.

But the economists expect the services category (and motor vehicle insurance) to have increased in June, indicative of the "bumpy" path forward when it comes to price stabilization.

"Non-housing services inflation should moderate over time given cooling services wage inflation; however, a sustained period of deflation is unlikely," they warned.

https://finance.yahoo.com/news/consumer-prices-expected-to-have-cooled-further-in-june-bolstering-hopes-for-fed-rate-cuts-144531331.html

Gerresheimer core profit meets forecast on weight-loss drug deals pipeline

 Germany's Gerresheimer GXIG.DE posted second-quarter adjusted core profit in line with market expectations on Thursday, driven by the deal pipeline for its plastics and devices segment, which supplies makers of weight-loss drugs with autoinjector pens.

The packaging and medical equipment maker's deals with weight loss drugs makers, such as Novo Nordisk's NOVOb.CO Wegovy, are expected to bring at least 350 million euros ($379.19 million) of annual revenue over the next three years, despite lower demand in its primary packaging glass division.

"With our broad portfolio, we can offset market fluctuations in certain areas," CEO Dietmas Siemssen said in a statement.

Adjusted core profit came in at 107.3 million euros in the quarter, impacted by destocking effects at their customers, but slightly above analysts' average forecast of 104.7 million euros compiled by Vara Research, the company added.

The medical technology company also confirmed its earnings guidance for 2024.

https://www.xm.com/research/markets/allNews/reuters/gerresheimer-core-profit-meets-forecast-on-weightloss-drug-deals-pipeline-53878292

US FDA declines to approve Novo Nordisk's weekly insulin

 The U.S. Food and Drug Administration has declined to approve Novo Nordisk's weekly insulin in patients with diabetes, the Danish drugmaker said on Wednesday.

The health regulator in its so-called "complete response letter" sought more information related to the manufacturing process and the type 1 diabetes indication to complete the review, Novo said.

Novo said it does not expect to be able to fulfil the requests this year, and that it will work closely with the FDA regarding the next steps.

The regulator's decision follows its outside panel's vote against the use of the weekly insulin icodec, in patients with type 1 diabetes due to risks of low blood sugar.

https://www.yahoo.com/news/us-fda-declines-approve-novo-220038190.html

NATO Countries Closest To Russia Up Defense Spending

 by Andrew Thornebrooke via The Epoch Times,

The nations on NATO’s easternmost flank are investing record amounts on defense in order to deter further Russian aggression against the region.

Defense ministers from Estonia, Latvia, and Lithuania gathered on July 9 in Washington to express their dedication to the NATO alliance and encourage other allies to pull their weight when it came to defense contributions.

Anything less, they warned, could encourage more violence in Eastern Europe and, possibly, the end of some nations outright.

Latvian Defense Minister Andris Spruds said that Russian President Vladimir Putin’s continued targeting of civilians in Ukraine demonstrated a tolerance for “human loss.” Mr. Putin’s “absolute disregard of human life and human dignity,” he said, had to be taken into account when dealing with Russia.

“We are dealing with an aggressive country,” he said during a fireside chat hosted by Politico on the sidelines of NATO’s 75th annual summit.

“Russia is an existential threat, and we should be ready for this existential threat for years.”

To that end, he added, the international community should prepare to fend off Russian aggression for years to come.

It was vital, he said, that NATO “not engage from positions of weakness and appeasement.”

Estonia, Latvia, and Lithuania were all governed by the Soviet Union until its collapse in 1991.

Now, Mr. Putin has implemented a foreign policy based on uniting the so-called Russian World, including substantial Russian-speaking communities in former Soviet states, which East European leaders fear will lead to conquests beyond Ukraine.

As such, Estonia, Latvia, and Lithuania have all exceeded NATO’s guideline of spending 2 percent of their GDP on defense to ensure collective deterrence against foreign aggression.

Lithuanian National Defense Minister Laurynas Kasciunas said the investments were about “transforming the fear to preparedness.”

Mr. Kasciunas cited the Reagan-era doctrine of “peace through strength” and said that NATO should be “prepared to work with America” to ensure such a policy regardless of the outcome of the U.S. presidential election in November.

“Russians are not attacking when you’re strong. It’s a very simple thing. If you’re weak, they can do this,” he said.

Six NATO nations share a land border with Russian territory, a fact that Estonian Defense Minister Hanno Pevkur said would need to be taken into account when determining NATO’s pathway toward ensuring continued deterrence against Russian aggression.

“When we take the threat of Russia, the first thing we have to understand is that we cannot change the geography,” Mr. Pevkur said.

To that end, he added that NATO must be wholly prepared to engage in a war with Russia should Moscow attack any member state.

“We will start defending our countries from the first inch,” Mr. Pevkur said. “We will not keep away anything, and if that means that we also have to make attacks into Russian territory, then we are ready for that because we cannot fight only on our territory to keep every inch of our integrity.”

https://www.zerohedge.com/geopolitical/nato-countries-closest-russia-defense-spending