Lindsey Graham. Photo: Anna Moneymaker/Getty Images

Jaime Harrison, the former chairman of the South Carolina Democratic Party, has announced a campaign to challenge Sen. Lindsey Graham (R-S.C.) in 2020, using his launch video to accuse Graham of "comical" hypocrisy for going from an ardent critic of President Trump in 2016 to one of his staunchest allies.

Context: In 2016, Graham opposed Trump's nomination, calling him "a kook," "not fit to be president," and "a xenophobic, race-baiting, religious bigot." He has since become one of Trump's most loyal defenders in Congress.

Why it matters: Harrison, the first African American chairman of the state's Democratic party, doesn't believe Graham's re-election is a "slam dunk" because he may have alienated moderate voters and conservative Democrats by strongly aligning himself as a Trump ally in Congress, per the Washington Post. A Democrat has not held a Senate position in South Carolina since 1998, the Post notes.

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Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 13,273,537 — Total deaths: 577,006 — Total recoveries — 7,367,106Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,424,304 — Total deaths: 136,432 — 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.