Photos: Getty Images

There's no such thing as a "front-runner" until Iowa Democrats caucus in January, but it's increasingly clear that 5 campaigns have a structural advantage entering the fall.

The big picture: Bernie Sanders, Pete Buttigieg, Joe Biden, Elizabeth Warren and Kamala Harris have built campaigns that can raise piles of cash — which they can use to build donor lists to raise even bigger piles of cash.

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Data: FEC; Chart: Harry Stevens/Axios (See the interactive version)

Why it matters: The September debates require candidates to meet both a higher polling threshold and have twice as many donors as the first two rounds.

  • As of today, only the top 5 have qualified.
  • Watch at the next debate for candidates outside the top 5 — such as Julián Castro, who earned rave reviews after Debate 1 — to make a ploy for another big round of earned media.
  • Read FiveThirtyEight's breakdown of the September race.

The bottom line: Expect the field of 20+ to winnow significantly in the next few months.

Go deeper: Keep track of the latest fundraising numbers

Go deeper

Updated 2 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 12:30 p.m. ET: 11,662,574 — Total deaths: 539,058 — Total recoveries — 6,336,732Map.
  2. U.S.: Total confirmed cases as of 12:30 p.m. ET: 2,948,397 — Total deaths: 130,430 — Total recoveries: 924,148 — Total tested: 36,032,329Map.
  3. States: Arizona reports record 117 deaths in 24 hours.
  4. Public health: Trump administration invests $2 billion in coronavirus drugs.
  5. Business: Breaking down the PPP disclosure debacle
  6. World: Brazil's President Bolsonaro tests positive for coronavirus — India reports third-highest coronavirus case count in the world.

Mary Trump book: How she leaked Trump financials to NYT

Simon & Schuster

In her new memoir, President Trump's niece reveals how she leaked hordes of confidential Trump family financial documents to the New York Times in an effort to expose her uncle, whom she portrays as a dangerous sociopath.

Why it matters: Trump was furious when he found out recently that Mary Trump, a trained psychologist, would be publishing a tell-all memoir. And Trump's younger brother, Robert, tried and failed to block the publication of "Too Much and Never Enough: How My Family Created the World's Most Dangerous Man."

1 hour ago - World

Brazil's Bolsonaro tests positive for coronavirus

Photo: Andre Borges/NurPhoto via Getty Images

Brazilian President Jair Bolsonaro announced Tuesday that he tested positive for coronavirus.

Why it matters: Brazil's coronavirus outbreak is one of the largest in the world, topped only by the U.S., and Bolsonaro has long downplayed the effects of the virus, pushing businesses to reopen over the last few months in order to jumpstart the country's economy.