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Photo: Chip Somodevilla via Getty Images

Democratic donors and political operatives in Iowa and around the country are holding off on throwing their resources behind a candidate for the 2020 presidential primary until they find out whether Rep. Beto O'Rourke plans to run, reports Politico.

The big picture: The hype surrounding the charismatic Texas congressman — who raised a record-breaking $38 million in the third quarter of 2018 before narrowly losing to Ted Cruz in the Texas Senate race — has reportedly been enough to spook donors from going all in on another candidate. O'Rourke has not yet declared whether he intends to run in 2020, but is expected to join a packed field of Democratic candidates if he decides to do so.

Go deeper

Top Dem says Big Oil put Earth on "brink" of catastrophe

Illustration: Annelise Capossela/Axios

Don't expect a sedate House hearing Thursday on allegations that Big Oil has intentionally sown doubt about climate change.

What they're saying: "For far too long, Big Oil has escaped accountability for its central role in bringing our planet to the brink of a climate catastrophe. That ends today," Rep. Carolyn Maloney, chairwoman of the House Oversight and Reform Committee, intends to say in her opening remarks shared with Axios.

25 mins ago - Politics & Policy

Biden lays out $1.75 trillion "framework" before Europe departure

Biden in Kearny, New Jersey, on Oct. 25. Photo: Michael M. Santiago/Getty Images

President Biden announced Thursday a "framework" for $1.75 trillion in social program and climate change spending after failing in prior efforts to win over his fellow Democrats on a much broader and costlier package.

Why it matters: Biden is gambling that by endorsing the broad contours of the proposal, which he was immediately planning to sell in a meeting with House Democrats before jetting off to Europe, House progressives will vote for his $1.2 trillion infrastructure plan if and when House Speaker Nancy Pelosi brings it to the floor.

Felix Salmon, author of Capital
2 hours ago - Economy & Business

Why it's so hard to tax wealth

Illustration: Sarah Grillo/Axios

The wealth tax that wasn't a wealth tax isn't even a tax, now. The Democrats had a meticulously constructed 107-page proposal to pay for a large chunk of their spending plans with a tax on billionaires, but it died ignobly on Wednesday, the same day it was unveiled.

Why it matters: The dream of a wealth tax will never die as it so neatly generates revenue by reducing inequality. But there are three main reasons why that dream is likely to remain just a dream for the foreseeable future.