Photo: Paul Morigi/Getty Images for Bloomberg Philanthropies

Mike Bloomberg is jumping into the Democratic presidential race because he believes that Joe Biden is fading, opening the moderate lane next to Elizabeth Warren, sources close to the former New York mayor tell Axios.

Why it matters: "Mike will spend whatever it takes to defeat Donald Trump," a Bloomberg source said. "The nation is about to see a very different campaign than we’ve ever seen before."

  • I'm told there's no way he'll later run as a third-party or independent candidate, partly because of ballot-access hurdles.

Theory of the case: Bloomberg, who according to Forbes is worth $52 billion, will self-fund, allowing him to run an essentially national campaign at a time when the rest of the field is raising money and focusing on early states.

  • Bloomberg, who will make a final decision "soon," isn't expected to seek or accept campaign contributions, according to a second source.
  • Bloomberg had been focused on how he could best influence 2020 from the outside. But he increasingly became concerned that all the leading Democrats have weaknesses Trump could exploit in the general election.
  • Bloomberg sees himself as an anti-Trump: practical and pragmatic, a self-made business leader, committed to issues such as climate and guns, and someone who recognizes the value of multilateralism and coalitions over isolationism.

What's next: The Bloomberg buzz ignited yesterday with the news that he'll file today to qualify for the primary in Alabama, which has an early filing deadline.

  • I'm told he'll quickly ramp up in other states with deadlines approaching, including Arkansas, New Hampshire, Florida, California and Texas.

Reality check: Given the progressive tides in the Democratic Party, there's no sign that a 77-year-old billionaire is what primary voters are pining for.

  • Biden is sucking wind on money, and now Bloomberg is moving into his lane with unlimited cash.

Go deeper: Michael Bloomberg is giving his friends a copy of his new biography

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Joe Biden introduces Kamala Harris in first joint appearance

Joe Biden formally introduced Sen. Kamala Harris as his running mate on Wednesday, telling a socially-distanced gymnasium in Wilmington, Del.: "I have no doubt that I picked the right person to join me as the next vice president of the United States of America."

Why it matters: Harris is a historic pick for vice president, becoming the first Black woman and first South Asian woman to be named to a major-party U.S. presidential ticket. "Kamala knows how to govern," Biden said. "She knows how to make the hard calls. She is ready to do this job on day one."

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Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 4:30 p.m. ET: 20,439,274 — Total deaths: 744,941— Total recoveries: 12,632,604Map.
  2. U.S.: Total confirmed cases as of 4:30 p.m. ET: 5,180,226 — Total deaths: 165,510 — Total recoveries: 1,714,960 — Total tests: 63,252,257Map.
  3. Politics: Pelosi says Mnuchin called her, White House is "not budging" on stimulus position.
  4. Business: U.S. already feeling effects of ending unemployment benefits.
  5. Public health: America is flying blind on its coronavirus response.
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Pelosi says Mnuchin told her White House is "not budging" on stimulus position

Democrats and the Trump administration remain "miles apart" on negotiations over a coronavirus stimulus deal, House Speaker Nancy Pelosi (D-Calif.) said on Wednesday.

The latest: Around 3 p.m., Pelosi and Senate Minority Leader Chuck Schumer (D-N.Y.) issued a statement saying that Treasury Secretary Steven Mnuchin had initiated a phone call and made clear that the White House is "not budging from their position concerning the size and scope of a legislative package."