No Labels Falls Short of Funding for Third-Party Candidate in 2024
The self-proclaimed centrist organization, No Labels, is facing a significant funding shortfall of approximately $50 million for its planned support of a third-party presidential candidate in 2024, according to the group’s tax filings. As reported by the Daily Beast, No Labels had only $20 million available at the beginning of 2023, even after paying out $1.5 million in salaries to its top six employees. However, the organization managed to raise $21.2 million in 2022, almost double the previous year’s amount.
While No Labels deliberates on whether to endorse a third-party candidate at a convention in Dallas next April, its executives are enjoying substantial financial rewards. Tax records reveal that CEO Nancy Jacobson received $300,000 in 2022, while co-executive directors Margaret White and Elizabeth Morrison earned $315,440 and $203,975, respectively.
The source of No Labels’ funding remains unknown, as the nonprofit is not obligated to disclose its donors. This lack of transparency has fueled conspiracy theories on the left, as highlighted by The Washington Post and The New Republic.
The current $20 million available falls far short of the organization’s initial promise to raise funds during this period. In September 2022, No Labels’ leader stated to New York Times columnist David Brooks that they were prepared to spend $70 million on supporting a third-party candidate in 2024.
This statement sent Democratic operatives into a frenzy, with senior advisers to President Joe Biden hastily arranging a meeting with No Labels in June. They accused the group of potentially acting as a spoiler for the Republican Party. Politico has referred to No Labels as a “third-party nightmare for Democrats,” and according to Axios, the White House is avoiding public attacks that could give No Labels more attention.
Comparatively, No Labels’ finances pale in comparison to the substantial funds held by President Biden’s campaign, which reported having over $90 million in October. Former President Donald Trump, currently leading the Republican primary field, had nearly $38 million in reserves by the end of September.
No Labels has yet to commit firmly to nominating a challenger to Biden and the eventual Republican nominee. However, the organization has consistently threatened to do so if their internal polling indicates a desire for a third option in the upcoming November election.
Although No Labels has only secured ballot access in 12 states, they expect to expand to 16 more by the end of the year. The group’s preferred candidate appears to be West Virginia Senator Joe Manchin (D.), who has participated in several No Labels events and recently announced he will not seek reelection. Other potential candidates include former Maryland Governor Larry Hogan (R.) and former Utah Governor Jon Huntsman, who appeared alongside Manchin at a No Labels event in New Hampshire last July.
Despite liberal suspicions that No Labels is secretly working to reelect Trump by diverting votes from Biden, the organization’s founders have explicitly stated that their primary goal is preventing Trump from winning a second term. Jacobson, a self-proclaimed Democrat, declared in July that No Labels would abandon their project if internal polling indicated that a third-party bid would benefit Trump.
“From the beginning, we’ve made it clear that we won’t offer our ballot line if it seems like it would be a wasted vote,” she told NBC News.
What potential candidate has speculations arisen about No Labels endorsing in the upcoming presidential election, and how does this relate to the organization’s funding shortfall?
Undermining the Democratic Party and splitting the vote, ultimately benefiting the Republican candidate in the 2024 election.
No Labels, founded in 2010, describes itself as a bipartisan organization aimed at promoting centrist policies and fostering cooperation between Democrats and Republicans. The group advocates for pragmatic solutions rather than partisan ideology. However, its recent financial troubles have raised questions about its credibility and its ability to achieve its goals.
The funding shortfall is particularly concerning considering No Labels’ plans to support a third-party candidate in the upcoming presidential election. While the organization has not announced any potential candidates, speculations have arisen that No Labels may endorse West Virginia Senator Joe Manchin, known for his centrist positions and willingness to work across the aisle.
The tax filings of No Labels reveal a discrepancy between the organization’s financial situation and the lofty promises made by its leaders. Despite paying exorbitant salaries to its top executives, No Labels still finds itself significantly short of the necessary funds to support a third-party candidate effectively. This raises questions about the organization’s financial management and allocation of resources.
Additionally, the lack of transparency surrounding No Labels’ funding sources has only intensified the scrutiny it faces. Without publicly disclosing its donors, the organization allows room for speculation and conspiracy theories. Some critics have speculated that No Labels is secretly funded by right-wing interests, while others question its true motives and allegiances. The ongoing debate around No Labels’ third-party candidate endorsement, coupled with the lack of financial transparency, has cast a shadow over the organization’s operations.
The failure to secure the projected $50 million in funding is a substantial setback for No Labels. With less than half of the promised funds available, the organization will have to reassess its strategy moving forward. It remains to be seen whether No Labels will be able to mobilize the necessary resources to support a third-party candidate effectively.
The repercussions of No Labels’ funding shortfall extend beyond the organization itself. Democratic operatives and party members have voiced concerns that a third-party candidate endorsed by No Labels could divide the Democratic vote and potentially secure a victory for the Republican candidate in 2024. This fear led senior advisors to President Joe Biden to urgently seek a meeting with No Labels, expressing their concerns and urging caution. The meeting highlights the level of concern within the Democratic Party over No Labels’ plans and potential impact on the election.
As No Labels faces financial challenges and scrutiny over its intentions, its ability to promote bipartisan collaboration and pragmatic policies comes into question. Without a significant influx of funds, the organization’s plans for a third-party candidate endorsement may not come to fruition. This development serves as a reminder that political organizations, regardless of their proclaimed intentions, are not exempt from financial constraints and the need for transparency. Whether No Labels can overcome these hurdles and fulfill its mission remains to be seen, but its current funding shortfall poses a significant obstacle.
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