A prominent Democratic think tank is raising alarms about a third-party ticket spoiling 2024 for Democrats and landing Donald Trump back in the White House.

A new two-page memo from Third Way, obtained by Playbook, takes aim at the potential “unity ticket” being promoted by the centrist group No Labels. With tens of millions of dollars in financial backing, No Labels’ stated intention is to nominate a moderate alternative to potential extreme major-party nominees as an “insurance policy.” 

But Third Way notes that No Labels has been cagey about what scenario would prompt it to move forward, including whether it would stand down if President Joe Biden seeks reelection. In any case, the memo argues, a third-party ticket would mainly peel off Democrats, ultimately boosting the former president who tried to steal an election and incited a riot on the Capitol.

“[T[he conclusion is inescapable: No Labels is committed to fielding a candidate that will, intentionally or not, provide a crucial boost to Republicans — and a major obstacle to Biden,” they write. “As a result, they’ll make it far more likely — if not certain — that Donald Trump returns to the White House.” Read the memo