President Biden is under fire after his debate performance sparked concerns about his age and cognitive abilities. Yahoo Finance Senior Columnist Rick Newman breaks down the latest news as the president receives more calls to step down from the 2024 election.

According to the New York Times, Biden has told a close ally that he is weighing whether to continue his candidacy in the presidential race. Newman explains that this signals that Biden and his inner and outer circles are aware of the public's perception of his candidacy as polls remain mixed.

He notes that if Biden willingly steps down, it's not all bad news for Democrats. He explains that if the president does endorse somebody — likely vice president Kamala Harris — they would immediately become the frontrunner. "What will probably happen is there will be a ticket with Kamala Harris at the top and perhaps somebody new and interesting as her running mate. And then the challenge for Kamala Harris is, can she overcome all the doubts that surrounded her after she had a very poor presidential campaign in 2020," Newman states.

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This post was written by Melanie Riehl