CBS News
Biden campaign won’t “sugarcoat” state of 2024 race but denies Biden plans exit
The Biden campaign is denying reports that President Biden could leave the 2024 presidential race, even as several more House Democrats called on him to step aside.
Biden’s campaign was defiant on Friday, releasing a memo, giving several interviews and holding an all-staff call reaffirming he’s still running and aiming to put the focus on “Project 2025,” the conservative blueprint for a second Trump term, and on the GOP nominee’s record.
“Absolutely, the president is in this race,” Biden campaign chair O’Malley Dillon said in an interview with MSNBC’s “Morning Joe.” “You’ve heard him say that time and time again,” she said, adding, “He is clearly, in our impression…the best person to take on Donald Trump.”
“We see the path forward,” she said.
But Dan Kanninen, the Biden campaign’s battleground states director, conceded in a memo Friday the campaign faces some obstacles, writing, “I will not sugarcoat the state of the race: We have our work cut out for us to win this November.”
“We also have immense opportunity and a clear path to victory if we listen to what the voters on the ground are truly paying attention to, if we focus on the issues that matter most to the electorate in the battleground states,” he wrote. Kanninen said that while voters contacted by the campaign “consistently mention” Mr. Biden’s age, they’re still planning to back the president.
CBS News reported Thursday that two senior House Democrats believe that Mr. Biden could leave the 2024 presidential race in three to five days, after a pressure campaign from top lawmakers in his own party, including Senate Majority Leader Chuck Schumer, House Minority Leader Hakeem Jeffries. Former House Speaker Nancy Pelosi has also spoken to the president and her views are close to those of Jeffries and Schumer.
At the same time, polling released the same day by CBS News showed that as former President Donald Trump accepted the Republican nomination Thursday night, he held the largest national lead over Mr. Biden in the campaign so far, attracting 52% support, compared to the president’s 47%. He increased his lead over Mr. Biden by 1 point in the battleground states, 51% to 48%.
Dillon said on an all staff campaign call Friday with former Biden Labor Secretary Marty Walsh, “When you give me polls, I’m going to give you direct voter contact.”
“The people that the president is hearing from are saying ‘stay in this race and keep going and keep fighting, and we need you.’ Those voices will never be as loud as the people on TV, but remember that the people in our country are not watching cable news,” Dillon said on the call, according to a source familiar with the call.
The president is taking calls and listening to the case against him from allies, which was not as much the case in the aftermath of his disastrous debate with Trump last month. Biden ally and Delaware Sen. Chris Coons said at an Aspen Institute event this week, “I am confident he is hearing what he needs to hear from colleagues from the public, from folks.” Coons also said, “I think our president is weighing what he should weigh, which is who is the best candidate to win in November and to carry forward the Democratic Party’s values and priorities in this campaign.”
The New York Times quoted an ally of Pelosi’s who said the former speaker told Mr. Biden on a call that she’d seen polling that suggested he couldn’t win. The president claimed he had polls that showed otherwise.
“Put Donilon on the phone,” Pelosi reportedly said. “Show me what polls.”
In an interview with “CBS Mornings” on Friday, deputy campaign manager Quentin Fulks, too, said it’s “not true” that Mr. Biden is withdrawing his candidacy this weekend. The campaign “is continuing to implement a strategy to win with him at the top of the ticket,” he added.
“All the calls and anxiety come from a place of wanting to defeat Donald Trump,” Fulks said.
“We’re not trying to discount anything. President Biden is 81 years-old… but again, I don’t think that’s where many American voters are putting their faith in how they’re going to vote,” Fulks added.
There was some good news for Mr. Biden Friday, with the endorsement of BOLD PAC, the political arm of the Congressional Hispanic Caucus.
BOLD PAC Chairwoman Linda Sánchez praised the Biden administration in a statement for its “unwavering commitment to Latinos,” and said another Trump term “would be disastrous to the Latino community.”
“Latinos nationwide will bear the brunt of the consequences of a second Trump presidency,” she said. Sánchez predicted that Latino voters would be pivotal in races in California, New Mexico, Arizona, Pennsylvania, Nevada and Nebraska.
The president is continuing to suffer mild COVID symptoms and is recuperating in Rehoboth, but in a statement responding to Trump’s convention speech Thursday night, Biden said, “I look forward to getting back on the campaign trail next week to continue exposing the threat of Donald Trump’s Project 2025 agenda while making the case for my own record and the vision that I have for America: one where we save our democracy, protect our rights and freedoms, and create opportunity for everyone.”
O’Malley Dillon said delegates at the DNC plan to move forward with their early virtual nomination plans, “and they’re staying with the president.” The DNC is expected to formalize his nomination in a virtual roll call vote in August, before the convention takes place in Chicago later that month.
Certain boxes of waffles sold at Costco Wholesale stores in the Midwest are being recalled because they may contain plastic, according to a notice by supplier Kodiak Cakes.
The recall involves Kodiak Power Waffles Buttermilk & Vanilla 40 count with the UPC code 705599019203 and a use-by date of Jan. 10, 2026, and only impacts products with the lot code 24193-WL4 and a time stamp of 12:00-23:00, according to the Park City, Utah-based company.
The recalled products were sold at Costco warehouses in 13 states: Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin.
The action was initiated “due to the potential presence of soft plastic film,” according to Kodiak, which noted that no injuries or illnesses had been reported.
Those who purchased the recalled product can return it to their local Costco for a refund.
People with questions can email Kodiak at: flapjacks@kodiakcakes.com or call 801-328-4067. Messages will be returned between 8 a.m. and 5 p.m. Mountain time, Monday through Friday.
Tyson Foods is misleading shoppers and investors over its ability to reach “net-zero” carbon emissions by 2050 as well take other steps aimed at protecting the environment.
Tyson, the world’s second-biggest meat processor, should have to curtail its climate claims or release a substantial plan to support its claims, according to a lawsuit filed on Wednesday by the Environmental Working Group. The complaint is part of an effort to “hold the biggest, most powerful contributors to the climate crisis — across industries — accountable for greenwashing,” EWG stated.
Tyson Foods has said since 2021 that it would hit net-zero emissions — the point at which the amount of greenhouse gases a company emits is offset by the emissions that are removed from the atmosphere — by 2050 by using more renewable energy and no longer contributing to deforestation.
The Arkansas-based meat company also sells a brand of “climate-friendly” beef that Tyson says is made with 10% fewer emissions than conventional meat.
A spokesperson said Tyson does not comment on litigation, but defended the company’s “long history of sustainable practices.”
The suit against Tyson was filed in Washington, D.C., which has a consumer protection law in place that lets consumer groups sue companies for false advertising.
The same claim of greenwashing — a term attributed to environmentalist Jay Westerveld that refers to making false or misleading statements about the environmental benefits of a product or service — was made in February in a suit filed by New York State Attorney General Letitia James against JBS, the world’s largest beef producer, over its claim it would reach net-zero emissions by 2040.
James’ suit against the Brazilian meat conglomerate came after Earthjustice successfully challenged JBS’ environmental messaging before an ad industry self-regulatory organization in 2023.
Livestock production accounts for 14.5% of all greenhouse gas emissions globally, with cattle responsible for two-thirds of the total, according to the United Nations Food and Agriculture Organization.
The Science-Based Targets Initiative, a UN-backed agency that reviews net-zero goals, is calling for the food and agricultural sector to reduce its emissions by 3% annually between 2020 and 2030.
Delta Air Lines last year dismissed as “without legal merit” a suit filed by a passenger that alleged the airline’s claim to be “the world’s first carbon-neutral airline” to be marketing spin. Coca-Cola is currently defending itself in a similar case in which the beverage make is accused of overstating its recycling efforts.
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A cooler rate climate benefits a wide range of borrowers. From prospective homebuyers to current owners looking to refinance to those saddled with high rates on personal loans and credit cards, lower rates offer a welcome economic reprieve. They also require a different approach than what many have been accustomed to in recent years. And with the Federal Reserve officially cutting its federal funds rate for the first time in four years on Wednesday, now could be that time.
For those considering borrowing from their home equity, there are multiple options available. But a home equity line of credit (HELOC) is arguably the best and most cost-effective way to do so right now, particularly compared to home equity loans and cash-out refinancing. Below, we’ll detail why you should strongly consider borrowing with a HELOC as the Fed begins to cut interest rates.
Start by seeing how low of a HELOC rate you could secure here.
Why you should open a HELOC as the Fed cuts rates
A HELOC, for much of the last two years, has arguably been a less beneficial way to borrow from your home equity than a home equity loan. That’s because the latter comes with a fixed rate that will only change if refinanced. And that was a major advantage in a climate in which rates were raised numerous times between 2022 and 2023.
But that environment looks to be changing now.
With the first rate cut since 2020 issued this week, and two additional ones likely for November and December (when the Fed meets again), a HELOC could take the preferential place of home equity loans.
That’s because HELOC rates are variable and subject to change as the rate climate does (usually every month). That’s a drawback when rates are high and rising but now becomes a distinct advantage as rates cool again. With a HELOC, borrowers will automatically see their rate fall without having to refinance on their own.
Not only will they then save with a lower rate, but they’ll also save out-of-pocket costs if they had pursued a home equity loan. That’s because home equity loans come with closing costs to refinance (1% to 5% of the loan’s value, on average). But if you pursue a HELOC, you can add those savings to what you’ve already got back with the rate drops.
It’s not a perfect trade-off, and right now, home equity loans have better rates than HELOCs (8.46% versus 9.26%). But if you’re looking to position yourself for maximum savings ahead of additional rate cuts, a HELOC may be best to open now.
Get started with a HELOC today.
Don’t forget the tax benefits
A HELOC, in addition to the variable rate nature that benefits borrowers right now, also comes with tax advantages. Specifically, you can deduct the interest paid on the line of credit if you use it for eligible home repairs and renovations. At the same time, home equity loans also come with the same tax benefit. So carefully consider your intended use before getting started and don’t make this the deciding factor considering both options offer the same tax feature.
The bottom line
A HELOC could soon become the preferential home equity borrowing option, if it isn’t already. With a variable interest rate that is set to decline as overall rates do, borrowers could be well-positioned to realize additional savings in the future without having to do any of the work (or pay for any of the costs) associated with refinancing a home equity loan. But both borrowing options do have tax benefits, and other unique features, so weigh them carefully against one another to better determine which one is the right fit for you now.