No Labels, which pitches itself as a centrist movement to appeal to disaffected voters, has secured a considerable amount of funding and is working behind the scenes to get on Presidential ballots across the country. The group has yet to announce a candidate, but “most likely we’ll have both a Republican and Democrat on the ticket,” Pat McCrory, the former governor of North Carolina and one of the leaders of No Labels, tells David Remnick. Senators Joe Manchin and Kyrsten Sinema are reportedly under consideration, but McCrory will not name names, nor offer any specifics on the group’s platform, including regarding critical issues such as abortion and gun rights. That opacity is by design, Sue Halpern, who has covered the group, says. “The one reason why I think they haven’t put forward a candidate is once they do that, then they are required to do all the things that political parties do,” she says. “At the moment, they’re operating like a PAC, essentially. They don’t have to say who their donors are.” Third-party campaigns have had significant consequences in American elections, and, with both Donald Trump and Joe Biden historically unpopular, a third-party candidate could peel a decisive number of moderate voters away from the Democratic Party. 

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