“I do not believe that the President can effectively campaign and win against Donald Trump,” Craig said in a statement.

One donor on the Sunday call, Charlie Couric, who served on the finance committees for the presidential campaigns of John F. Kerry and Barack Obama, proposed a fundraising effort for Craig as a way of encouraging other members of Congress to break from Biden. Couric said that effort has since raised more than $30,000 for Craig’s campaign. Craig did not request donations nor was she present during the discussion of fundraising on her behalf, a person familiar with the call said.

“It was important to note that this was not a random group of 100 people. This was a group of significant donors,” said another of the participants, who described the group that included donors who focus on campaign, Democratic Party efforts and liberal nonprofits.

“I have never seen donors so worried, ever. We all feel that this is an existential moment,” this donor continued. “If he doesn’t pull out by the end of the week, I am going to start campaigning for the delegates to not support him.”

In a statement Monday, Rachel Rothman, Craig’s campaign manager, said: “A supporter asked Rep. Craig to join a zoom to explain her decision to ask Biden to step aside. She joined the call near the beginning for a few minutes to provide an explanation, took no questions, and left the call.”

The participants on the call also were briefed by an attorney with significant experience in election law and the Democratic National Committee process, the participants said. This person explained to the donors that the nominee can be changed up to the Democratic convention in mid-August with little risk of ballot-access complications. The DNC plans to move forward with a virtual nomination event in early August out of concern that Ohio Republicans will change the state’s rules to prevent ballot access if the nomination is approved later.

The legal expert also explained the campaign finance implications of Biden stepping aside, the participants said. Vice President Harris would be able to use his campaign and its cash reserves, if she becomes the nominee. If Biden steps aside and another person becomes the nominee, the Biden campaign funds could be donated to the Democratic Party or an outside super PAC to help Democrats win in the fall.

Major donors have been among the most vocal opponents of Biden’s continued campaign since his disappointing debate performance. A group of pro-democracy donors and business leaders, organized by a nonprofit called Leadership Now, sent Biden a letter last week calling on him to step aside.

One person on the call described themselves as “ABB,” an acronym for “anybody but Biden.”

Another said that some donors had begun to circulate a new slogan to send a message to the president and his party: “No more dough until no more Joe.”