Overview

• FEC filings through June show Democrats with $15 million on hand versus $80 million for Republicans, a $65 million gap and the DNC’s lowest cash level in five years.
• The DNC has spent about $15.8 million this year on coordinated expenses tied to Kamala Harris’s 2024 campaign, limiting available reserves.
• Large donations have pulled back, with only 47 max contributors in the first half of 2025 compared with more than 130 in the same period of 2021, as GOP congressional committees outpace their Democratic counterparts.
• Grassroots channels provided a relative bright spot, with ActBlue reporting $33.8 million in the first half, yet the online donor base has not grown since 2021 and digital fundraising costs have been significant.
• Internal tensions under Chair Ken Martin, including the ouster of Vice Chair David Hogg and resignations by labor leaders, have fueled donor skepticism, and observers say the gap could hinder redistricting fights and 2026 efforts.