Michael Bloomberg on stage at The Robin Hood Foundation's 2018 benefit. Photo: Kevin Mazur/Getty Images for Robin Hood

The lobbying has started for the $80 million Michael Bloomberg plans to spend for House Democrats in the midterms.

What to watch: Rep. Seth Moulton (D-Mass.), a possible 2020 presidential candidate, wants it to go to military veterans who are running, reports the Boston Globe's Liz Goodwin.

  • "Moulton has contributed $1.9 million to nearly two dozen Democratic candidates with a military background whom he’s endorsed in the 2018 midterm cycle. ... He’s personally recruited several of them."
  • Bloomberg strategist Howard Wolfson told The Globe the recipients are still being determined, but will include at least some of Moulton's team.
  • Why it matters: "A vocal critic of House Democratic leader Nancy Pelosi, Moulton has raised his profile within the party by pushing for a 'new generation' of leadership and by recruiting and funding centrist, fresh-faced candidates to run in moderate and even red-leaning districts."

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The big picture: The U.S. drug pricing system is filled with confusing numbers, and many entities profit off the flow of drugs, but pharmaceutical companies retain a vast majority of the proceeds.

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The United Kingdom slumped into recession as its gross domestic product GDP shrank 20.4% compared with the first three months of the year, the Office of National Statistics (ONS) confirmed Wednesday.

Why it matters: Per an ONS statement, "It is clear that the U.K. is in the largest recession on record." The U.K. has faired worse than any other major European economy from coronavirus lockdowns, Bloomberg notes. And finance minister Rishi Sunak warns the situation is likely to worsen.