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CHICAGO– Organizers of at least one fundraiser planned in Chicago during the Democratic National Convention have decided not to hold the event in mid-August, a source familiar with the discussions told CNN.

Immediately after President Joe Biden's appearance at the debate, organizers paused talks on scheduling the fundraiser until after the Fourth of July holiday to allow the dust to settle. This week, the host committee decided not to hold the event, citing a disagreement over how to proceed amid the ongoing erosion of support for Biden's candidacy.

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The event, intended as a luncheon for a few dozen wealthy residents of the Windy City, was intended to rally the party's loyal and wealthy locals to the major event in their immediate neighborhood and demonstrate their support for it.

While the lunch itself was expected to raise less than $1 million for the campaign, the mood among attendees – many of whom had donated millions to Biden's 2020 campaign and related entities – serves as a warning sign in some deep-blue corners of the donor class.

A spokesman for the Biden campaign told CNN that the event had nothing to do with their official fundraising plan.

Nearly two weeks after Biden's disastrous debate performance, some Democratic donors continue to warn that their party could lose the White House in November if he remains the candidate, saying they are increasingly concerned about Biden's stubborn defiance. The president has insisted he will stay in the race and this week pitched to the donors best placed to defeat Donald Trump in the fall, expressing frustration that “the elites” are calling for him to drop out of the race.

Damon Lindelof, a Hollywood screenwriter and producer who recently called on his fellow Democratic donors to hold off on donations until Biden resigns, said in an email to CNN on Wednesday that he was “pretty steadfast” in that view.

“I maintain that Joe Biden is an excellent president, and I am saddened that there is only attack/defense/retreat within the party rather than a serious and thoughtful debate about where we are and how we get to where we need to be,” Lindelof said.

“I think the narrative that the only people demanding this conversation are the 'elites' ignores the polls and the tens of millions of Americans who have been saying for some time that they are deeply concerned about our candidate,” he added.

Maggie Kulyk, a Democratic donor who runs a wealth management firm, said her view that Biden must resign is shared by “people I talk to all the time – friends, clients, etc.”

“Everyone is saying the same thing, that he shouldn't be at the top of the ballot,” she said in a telephone interview. “Washington politicians or someone with influence need to show backbone and tell the truth that is out there,” she added. Biden is struggling with “obvious cognitive problems.”

“Using this excuse of waiting for Biden to make another big mistake seems ridiculous to me,” Kulyk said. “The debate was the deciding factor. We saw it.”

Kulyk is a board member of the Women Donors Network, but said she does not speak on behalf of the donor group.

SEE ALSO: George Clooney, co-host of the latest Biden fundraiser, calls for the president's resignation

News of the canceled fundraiser comes just hours after actor and Biden major donor George Clooney, who had been one of Biden's biggest supporters and donors in Hollywood, called on the president to drop out of the race. Just weeks earlier, the actor had headlined a major fundraiser for the president's re-election campaign.

Clooney wrote that the Biden he saw during a June 15 fundraiser also attended by former President Barack Obama “was not the Joe 'Big F-ing Deal' Biden of 2010. He wasn't even the Joe Biden of 2020.”

“He was the same man we all saw at the debate,” Clooney added, referring to Biden's faltering and disastrous performance at the June 27 CNN presidential debate.

Biden's team currently plans to hold fundraisers in Austin, Denver and two in California in July – one in Laguna Beach and another in Northern California, according to a source familiar with the plans.

Donors from other parts of the country told CNN that their events were on hold until Biden's path was clearer.

John Morgan, a Florida trial lawyer and longtime Biden supporter, had been working with the campaign to host a fundraiser in the state, presumably in early September, but he said holding the event was “completely up in the air” at this point.

“I'm not even bothering them,” he said of contacting campaign staff about the status of the event. “I'm not going to call them because they have more important things to do than an event in Florida in September. They have to get past all the naysayers.”

Morgan, for his part, said he would continue to support Biden and was willing to hold a fundraiser “only if he is the nominee.”

“Some of the elite donors are turning around and running away. That's a big mistake,” Morgan said.

One longtime Democratic fundraiser said it was too early to judge whether Biden was doing enough to address donors' concerns, but he expressed relief that Washington did not see an avalanche of elected officials calling for Biden to drop out of the race this week after returning from the July 4 recess.

However, the person added, “I haven't called or asked for donations in the last week and a half… because he needs to let some of this subside.”

The Biden team, for its part, is touting a flood of financial support from the internet and the extensive infrastructure it has already built in the swing states, arguing that it has the presence and resources needed to compete successfully in the fall.

The campaign said it raised $38 million in the four days following the debate, including $30 million from grassroots supporters. In addition, Peter Lowy, a former retail executive, gave the maximum amount of $929,600 to Biden's joint fundraising committee with the Democratic National Committee on Monday, the campaign said.

In a statement, Lowy said there was “no doubt about the country's success” during Biden's term in office.

“The economy is strong. Unemployment is close to historic lows, more than 15 million jobs have been created, the S“The $500 is at an all-time high and inflation is now declining,” he said. “Based on all of these facts and my conversations with the president, I fully supported him when he announced his plans to run for re-election. I supported him then and I support him today.”

CNN's Arlette Saenz contributed to this report.

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