Photo: Alex Wong/Getty Images.

Former Vice President Joe Biden said on NBC's "Meet the Press" Sunday that Michael Bloomberg's vast fortune cannot "erase" his record, and that scrutiny of Bloomberg's positions on things like race and policing will ramp up now that he's in the national spotlight.

Why it matters: Biden's polling free fall in the wake of poor performances in Iowa and New Hampshire has coincided with a surge for Bloomberg, who appeals to a similar moderate bloc of the Democratic Party. The billionaire's limitless spending capacity poses an especially stark threat to Biden, who has struggled with fundraising.

  • Bloomberg is eating up Biden's leads in key Super Tuesday states, according to recent polling, most notably with black voters — a demographic whose long-standing support had given Biden a competitive advantage over all of his competitors.
  • But Bloomberg has yet to participate in a Democratic debate. A spot on the Nevada debate stage on Feb. 19 would subject him to scrutiny from other candidates, which he is also increasingly facing from the media.
  • On Saturday, front-runner Sen. Bernie Sanders said Bloomberg cannot "create the energy and excitement" needed to defeat Trump, while also targeting the former mayor's record supporting "racist policies like stop-and-frisk."

The exchange:

CHUCK TODD: Are you concerned that $300 million has gotten Michael Bloomberg half your support among African Americans?
BIDEN: $60 billion can buy you a lot of advertising, but it can't erase your record. There's a lot to talk about with Michael Bloomberg. You all are going to start focusing on him like you have on me. ... You're going to focus on him. ... From stop-and-frisk to the way he talked about Obama."

Go deeper: Bloomberg's monopoly, Biden's market crash

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Updated 14 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7:30 p.m. ET: 13,258,016 — Total deaths: 576,752 — Total recoveries — 7,366,845Map.
  2. U.S.: Total confirmed cases as of 7:30 p.m. ET: 3,416,222 — Total deaths: 136,319 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.

2 hours ago - Health

Moderna's vaccine spurred immune system response to coronavirus

Moderna's stock rose 16% after hours on this news. Photo: Jakub Porzycki/NurPhoto via Getty Images

Healthy volunteers who took Moderna's coronavirus vaccine candidate appeared to generate an immune system response to the virus, and there were "no trial-limiting safety concerns," according to a new study published in the New England Journal of Medicine.

Why it matters: The phase one trial is still small and does not definitively determine how effective the vaccine is. But Anthony Fauci of the National Institutes of Health, which is running the trial, told the Wall Street Journal that these data make it "pretty clear that this vaccine is capable of inducing quite good [levels] of neutralizing antibodies."