What’s happening: No Labels, a group backed by large donors, is exploring the possibility of backing a third-party candidate against the Republican and Democratic nominees for president in 2024. In New Hampshire on Monday, the group hosted an event with Sen. Joe Manchin (D-W.Va.).

The positions: The group’s proposed policies are marketed as the moderate political solution in the vein of 1990s-era politicians such as John McCain and Bill Clinton — though it is unclear whether they have enough support among the electorate.

• A closer look: The group supports mass amnesty along with a closed border and gives vague statements on Second Amendment issues. It promises a commitment to tackling crime but also an emphasis on “community policing.” It also argues for securing “democracy” overseas with America’s military might and espouses a pro-abortion ideology with some limits

Why it matters: The fundraising success of No Labels suggests discontentment with the presumptive Democratic nominee, President Joe Biden, among the donor class. It could tilt 2024 toward Donald Trump, leading Democrats to loudly oppose the organization. Arizona Democrats even sued to find out more about its donors.

Here’s the kicker: Despite presenting her group as a way to escape party politics, its CEO is a former Clinton campaign aide who promises that she would rather shut down No Labels than risk helping Trump win reelection.