No Labels founder Joe Lieberman is open to scrapping his bipartisan, third-party presidential ticket if the nonprofit political group cannot nail down the right candidates within the next few months.
No Labels has so far secured ballot access in 12 states for its potential "Unity Ticket," which would feature a Democrat and a Republican to try to heal partisan fractures in Washington.
"We'll only do this if it's constructive and we can make a real difference in our government and our politics," Lieberman said Tuesday on CNBC's "Squawk Box." "And secondly, if we can get top-tier candidates."
If not, the group would drop the effort, he said.
"We're going to have to make a tough judgment in a couple of months," the former U.S. senator from Connecticut added.
No Labels is in the early stages of formalizing its candidate exploration committee, which will aim to nominate candidates in March or April if the group decides to go through with the Unity Ticket.
Names such as Sen. Joe Manchin and Maryland Gov. Larry Hogan have been floated as options for the ticket. Eyes have been particularly focused on Manchin due to his announcement that he would not run for his Senate seat again and his separate comments about considering a run for president.
But No Labels has yet to officially nominate candidates, in part because the potential candidates it has contacted did not immediately sign on.
"Individually, we're beginning to reach out to people who we think might be great candidates and ask them if they're interested, and right now nobody is saying 'No,' but nobody is saying 'Yes, I'm ready to declare,'" Lieberman said.
Despite the ambiguity of the Unity Ticket, No Labels has been picking up steam with a base of wealthy donors, doubling its revenue last year over 2021. Its nonprofit status means it is not required to disclose its donors and there is no contribution limit. It also means that No Labels cannot directly contribute to a political campaign.
"Just let me assure everybody that all we can do at No Labels is qualify for the ballot," Lieberman said.
The group's associated Super PAC can contribute to campaigns.
No Labels has faced heat from Democrats for its third-party ticket experiment, which could derail President Joe Biden's reelection campaign without assurance that the Unity Ticket could also beat Republican front-runner Donald Trump.
Lieberman tried to assuage those fears in an October op-ed in The Wall Street Journal. He said polling shows that a No Labels ticket would draw voters equally from both parties.