Despite Schultz’s previous donations of about $150,000 to Democratic campaigns in the past, many in the party are not receptive to his bid as an independent.
"This is a definite win for the president because you take votes away," Abby Huntsman said of many Democrats' fears.
The decision to run as an independent, Schultz said in a tweet on Monday morning, is a response to a "broken system" where "both parties at the extreme are not representing the silent majority of the American people."
Huntsman agreed, saying the political system is "essentially broken right now."
"If you're a moderate on the left, if you're a moderate on the right, where are you supposed to go if you want to be successful?" Huntsman said. "We're in this crazy place where you can't even like the other side."
Meghan McCain said despite hopes to the contrary, that system is here to stay.
"The last time a third party even came in second is 1912, with Theodore Roosevelt. This is a two party country for better or for worse," McCain said.
Joy Behar pointed out that a Democratic bid for Joe Biden would make Schultz’s run "redundant," because Biden would serve to push forward a moderate Democratic agenda.
In what will be a 2020 face-off against Donald Trump, Sunny Hostin said Schultz is not all that different from Trump in that he has no government experience.
"He's another billionaire with zero experience in government wanting to be president," Hostin said. "Running the country is very different from running a business -- we're all experiencing that right now."
"Just take baby steps, people! Why don't you try to run a city, run a city council, run for Senate, just take baby steps! You can't just immediately try to run the United States," Hostin added.
The president also responded to Schultz's comments, saying in a tweet he "doesn’t have the 'guts' to run for President."
Whoopi Goldberg said she wouldn’t mind an independent president -- she just wants "someone who knows what they're doing."
"Sometimes it works," she said. "You never know who that person is going to be."