As the 2026 midterm cycle ramps up, the Republican National Committee is entering the stretch with a massive cash advantage over the Democratic National Committee. Republicans are flush with money and unified behind a common message with President Trump at the helm, while Democrats appear divided and face an increasing donor revolt.
Recent filings show the RNC holding more than $80 million in cash on hand at the end of June, compared to just $15 million for the DNC, according to data reviewed by CBS News. That $65 million gap marks one of the largest mid-cycle disparities in years and gives Republicans a major edge in building out voter outreach, digital advertising, and get-out-the-vote operations heading into 2026.
The RNC ended the summer with roughly $86 million in reserves and continues to raise strong sums month after month. The DNC, by contrast, has been spending nearly as fast as it raises money and continues to struggle to rebuild confidence among large donors after the 2024 cycle.
Liberal Donors Sitting Out
A Wall Street Journal report this week painted a bleak picture of the Democratic fundraising landscape. Major donors, the kind who usually write massive checks or host high-dollar events, are sitting on the sidelines. Fundraisers once packed with Hollywood and Wall Street regulars are now half-empty.
Some wealthy donors told the Journal they’ve stopped giving because they don’t believe the party knows what it stands for anymore. Others said they are frustrated by what they see as infighting between progressives and moderates and a lack of focus on how to win key swing states. In short, the DNC is a mess.
“They’re worried that the way the party looks and sounds can’t really compete and win elections,” said Democratic donor Rachel Pritzker. Another donor quoted in the story said they would not give again “until the party produces a real plan to win.”
Even Vice President Kamala Harris reportedly faced difficulty finding hosts for a recent San Francisco fundraiser. Several longtime donors declined invitations, with one using an expletive in response, according to reporting from HotAir and The Wall Street Journal.
A Party Lost in Left-Wing Wilderness
The fundraising troubles highlight a deeper problem inside the DNC: a lack of unity and vision. The party remains split between a lunatic base pushing for a more left-wing agenda and a so-called moderate wing warning that such a shift could alienate swing voters.
The 2024 losses left lingering resentment over strategy and spending decisions that were never fully addressed. Some donors have complained that the party has not completed a promised internal review of its 2024 campaign operation. Others are choosing to give directly to individual candidates or outside groups instead of the national committee, hoping their money will be better spent.
Meanwhile, small-dollar fundraising remains relatively steady but has not been enough to close the gap. Without large-donor buy-in, the DNC risks being outgunned in advertising and ground operations next year.
Republicans in Strong Position
The Republican Party’s financial position tells a very different story. The RNC has kept expenses in check, coordinated closely with President Trump’s reelection and congressional efforts, and built a war chest that allows it to invest early in battleground states.
“The RNC has been working hand in glove with President Trump’s team to build the war chest needed to protect and expand our Republican majorities,” an RNC official told CBS News. The party’s strong fundraising also sends a message of momentum to its own donor base, which continues to pay off.
Looking Ahead
Money doesn’t always decide elections, but it shapes the playing field. With Democrats lagging far behind, the GOP can afford to make early ad buys and long-term investments that Democrats may struggle to match.
For Democrats, the problem goes beyond dollars. The party’s financial woes reflect a deeper lack of trust and direction. Until it resolves the internal fight over identity and strategy, donors appear ready to keep their wallets closed.
All-in-all, when Democrats are finally crippled, it’s better for the country.