Joe Biden told key ally he is considering whether to drop out of presidential race in shocking admission: 'It's only a matter of time'

President Joe Biden has privately told a key ally he is weighing whether or not to drop out of the presidential race, a shocking admission to the dismal state of his candidacy.

Biden, coming off of last week's disastrous debate performance, acknowledged he only has through this weekend to convince voters he is mentally up for the job.

He'll be in Madison, Wisconsin, on Friday, where he will sit for an interview with ABC News. He travels to Pennsylvania on Sunday.

'He knows if he has two more events like that, we're in a different place' by the end of the weekend, the ally told The New York Times.

The White House strongly denied this. 

'That claim is absolutely false. If the New York Times had provided us with more than 7 minutes to comment we would have told them so,' White House deputy press secretary Andrew Bates wrote on X.

If he exits the race with Donald Trump, Vice President Kamala Harris would be seen as the frontrunner to replace him. Democrats have fretted Biden will no long be able to defeat Trump in November. Even Biden staff have needed reassurance as more than 25 lawmakers have expressed doubts about the president's electability. 

But the reports Biden is eying the exit door are piling on.

A major donor told TMZ that 'it's only a matter of time' before Biden bows out. 

Another ally told CNN that Biden understands the next stretch of days are critical to whether he can save his candidacy, noting what it would take him to accept: 'It's just not working.'

'He sees the moment. He's clear-eyed,' the person said.

As to what it would take would be the polls are plummeting, the fundraising is drying up, and the interviews are going badly,' that person said. 'He's not oblivious.' 

The White House is struggling to calm the storm of outrage from Biden's debate performance as Democratic lawmakers call for the president to exit the race and the White House staff are 'freaking the f*** out.' 

White House chief of staff Jeff Zients is scheduled to hold an all-hands-on-deck staff call at 12:30 p.m. Wednesday to pump up disillusioned staff and reassure them that Biden will remain the nominee.

Additionally, Biden's campaign sent out an all-staff memo showing internal polls from battleground states that note Biden only dropped half a point in the fallout from his fumbling debate performance.

The move came to pre-empt what is expected to be bad polling news for the president. 

'We are going to see a few polls come out today and we want you all to hear from us on what we know internally and what we expect to come externally,' the memo, obtained by Politico, reads. 'Polls are a snapshot in time and we should all expect them to continue to fluctuate — it will take a few weeks, not a few days, to get a full picture of the race.' 

Amid the race to calm internal fears, there is a significant outreach operation to try and quell the growing calls for Biden to be replaced. 

The president has been on the phone to lawmakers trying to shore up his support on Capitol Hill amid worries Republicans will take control of the House and Senate - along with the White House - in the upcoming elections, giving them unchecked power to run the country.

Biden also will meet with governors on Wednesday evening as he and his team scramble to stem even more defections.  

Meanwhile, Jill Biden has been dispatched to the battleground states of Pennsylvania and Michigan to tout Biden's accomplishments in the White House as polls show him trailing Donald Trump.

The effort comes as questions continue to be asked about Biden's mental capabilities to handle the presidency and speculation about who could replace him as the Democratic presidential nominee. 

'Everyone is freaking the f*** out,' an official told Axios.

But there appears to be a reason for the freak out.

A set of private polls from a pro-Biden super PAC showed the president losing ground — about two points — across all the most important battleground states, Puck news reported. 

Biden was also now trailing in New Mexico, New Hampshire and Virginia, three states that were thought to be safely Democratic. 

Biden trails Donald Trump in the Five Thirty-Eight polling average on the presidential race.  

Democrats are keeping their distance.

Senator Tammy Baldwin, who faces re-election in Wisconsin, announced Tuesday morning she will not be joining Biden on stage when he campaigns in her hometown of Madison on Friday.

And many Democrats worry the president is moving too slowly to calm the panic about his candidacy and mental fitness. 

There also is talk of a brewing Democratic revolt in the House. 

Maine's Jared Golden, Lloyd Doggett of Texas and Marie Gluesenkamp Perez of Washington State all either told Biden to drop out or said they believed he would lose to Trump on Tuesday.

Those defections were in addition to the collection of 25 House members - commonly referred to as 'frontliners' due to their status as moderates in swing districts - who are set to break with Biden and day now. 

Former House Speaker Nancy Pelosi emphasized Biden's multiple legislative accomplishments during an interview with MSNBC Tuesday but said it was legitimate to ask whether his debate performance was a one-night thing or a broader health problem. She said Trump should be given the same scrutiny.

'I think it's a legitimate question to say, 'Is this an episode or is this a condition?' And so when people ask that question, it's legitimate, of both candidates,' Pelosi said.

Biden, speaking at a campaign event in Virginia on Tuesday evening without a teleprompter, blamed his performance on a lack of sleep and noted he had done two international trips in the runup to the debate.

'The fact is that you know, I wasn´t very smart. I decided to travel around the world a couple times, going through around 100 time zones ... before ... the debate. Didn´t listen to my staff and came back and nearly fell asleep on stage,' he said. 'That's no excuse but it is an explanation.'

He was in France for the 85th anniversary of D-Day and then in Italy for the G7. 

But he left out the seven days he spent at Camp David ahead of his showdown with Trump. He spent the week locked with aides in preparation for the debate.

However, Biden rarely began before 11 am and broke in the afternoon for a nap, the New York Times reported. 

Some Democrats suggested Biden should be thinking about the broader party's future.

'He has to be honest with himself,' Democratic Representative Mike Quigley, a moderate from Illinois, told CNN on Tuesday.

'It's his decision. I just want him to appreciate at this time just how much it impacts, not just his race, but all the other races coming in November.'

And Rep. Jim Clyburn of South Carolina, whose endorsement of Biden in 2020 helped him become the nominee, told MSNBC that he still wanted a presidential ticket with Joe Biden and Kamala Harris. 

But then he announced who he would endorse if Biden exited the race. 

'I will support her if he were to step aside,' Clyburn said of Harris.