Photo: Mark Makela/Getty Images

Sen. Kamala Harris — who has largely held on as a top-tier polling candidate after standing out in 2020 debates — is laying off dozens of her campaign aides as her campaign manager cuts his own salary, Axios has confirmed.

The big picture, via Axios' Alexi McCammond: Harris is not the only candidate facing a cash crunch with more staffers than she can probably afford, but these layoffs are not a good sign for someone polling in the top five.

  • Harris and others in this position ultimately face two choices: drop out or fire staff to reallocate money and keep running.

By the numbers: Harris raised $11.8 million in Q3, per her FEC filing, and finished with $10.5 million cash on hand. She spent $14.5 million — more than what she got. Former Vice President Joe Biden also spent more than he raised in Q3.

What they're saying: “From the beginning of this campaign, Kamala Harris and this team set out with one goal — to win the nomination and defeat Donald Trump in 2020. This requires us to make difficult strategic decisions and make clear priorities, not threaten to drop out or deploy gimmicks,” Harris' campaign manager Juan Rodriguez wrote in a memo obtained by Axios.

Go deeper: 2020 candidates' Q3 fundraising hauls

Go deeper

Dan Primack, author of Pro Rata
19 mins ago - Economy & Business

The SPAC boom is starting to crack

Illustration: Aïda Amer/Axios

The SPAC boom is beginning to show its first cracks, as several private equity-sponsored efforts have needed to downsize.

Driving the news: Cerberus yesterday shrunk the anticipated IPO for its telecom-focused SPAC from $400 million to $300 million.

23 mins ago - Technology

Reports: Justice Department to file suit against Google

Illustration: Aïda Amer/Axios

The Justice Department will unveil its long-awaited antitrust lawsuit against Google today, according to reports in the Wall Street Journal and other outlets, charging the company with abusing a monopoly position in search and search advertising.

Details: Justice Department lawyers are expected to outline their monopoly case against the search giant in a call with reporters Tuesday morning.

Ben Geman, author of Generate
43 mins ago - Energy & Environment

The U.S.-China climate rupture

Illustration: Sarah Grillo/Axios

Well that, as Ron Burgundy would say, escalated quickly. China's foreign ministry is accusing the Trump administration of "major retrogression" on climate and being an environmental "troublemaker."

Why it matters: China's unusual statement Monday widens the rupture between the world's largest carbon emitters as global climate efforts are flagging and the pandemic's effect on emissions is too small to be consequential in the long term.