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Photo: Dustin Chambers/Getty Images

At a high-level fundraising event in New York Tuesday night, 2020 Democratic frontrunner Joe Biden said he wouldn't want to "demonize" the wealthy and that "no one's standard of living will change" if he's elected, according to a pool report.

Why it matters: Biden's position as an establishment Democrat has put him at odds with what he referred to in his remarks as the "New Left," a wing of the party in which candidates like Sens. Bernie Sanders and Elizabeth Warren have targeted the ultra-wealthy in their fight against income inequality.

What we know: The event was hosted at the Carlyle Hotel on the Upper East Side by Eric Mindich, CEO and founder of Eton Park Capital Management. It was Biden's third fundraiser of the day, with his first reportedly requiring a $2,800 contribution level for attendance, per another pool report.

Speaking about income inequality to approximately 100 donors, Biden said that he's found that "rich people are just as patriotic as poor people."

"We can disagree in the margins but the truth of the matter is it's all within our wheelhouse and nobody has to be punished. No one's standard of living will change, nothing would fundamentally change."

Of note: Earlier in his remarks, Biden did reference the need to rebuild what he dubbed the "backbone of America," arguing that ordinary people must be given pathways to success.

"You all are extremely successful people. But with all due respect, Wall Street didn't build America. The wealthy didn't build America."

Go deeper: Joe Biden on the issues, in under 500 words

Go deeper

Scoop: Dems' sneaky sabotage

Virginia gubernatorial candidate Glenn Youngkin. Photo: Win McNamee/Getty Images

A group tied to prominent Democratic strategists is posing as a conservative outfit to try to drive a wedge between the Republican candidate for Virginia governor and his core voters, Axios has learned.

Why it matters: The state's gubernatorial race is expected to be tight and could be a national bellwether. As Republican candidate Glenn Youngkin's campaign hypes improving poll numbers, Democrats are trying to chip away at his support in GOP strongholds.

House coalescing around infrastructure deal

Rep. Peter DeFazio (D-Ore.) is seen leaving a meeting of the House Democratic caucus on Monday. Photo: Bill Clark/CQ-Roll Call via Getty Images

House Democrats started Monday to coalesce around a deal to pass President Biden's signature Build Back Better infrastructure package, with progressive opposition weakening and House Speaker Nancy Pelosi (D-Calif.) seeming to de-link the biggest components of it.

What they're saying: “We can’t be ready to say, 'Until the Senate passes the [$3.5 trillion reconciliation] bill, we can’t do BIF,'" the speaker told House Democrats, using shorthand for the Bipartisan Infrastructure Framework. She indicated the House would vote on the $1.2 trillion bipartisan bill — focused on roads and bridges — on Thursday.

2 hours ago - World

Social Democrats' win in Germany could shake up Europe

Olaf Scholz caught the bouquet on Sunday. Photo: Florian Gaertner/Photothek via Getty

BERLIN Angela Merkel's political farewell was spoiled Sunday night when the Social Democrats (SPD) narrowly claimed victory in Germany's elections, just four years after suffering their worst loss since World War II.

Why it matters: The stunning political comeback could swing the balance of power in Germany leftward after 16 years of rule by Merkel's conservative bloc, and it could lay the groundwork for a more ambitious European Union.

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