The DNC starts the election year with nearly three times the cash on hand reported by the RNC
Democrats have kicked off the election year on a positive note, enjoying a substantial fundraising lead over their Republican counterparts. Meanwhile, Republicans grapple with financial shortages and internal discord in pivotal swing states.
The recently submitted year-end reports to the Federal Election Commission (FEC) reveal a significant financial contrast between the Democratic National Committee (DNC) and the Republican National Committee (RNC). The DNC reported nearly three times the cash on hand compared to the RNC and outpaced them in fundraising, bringing in nearly three times as much in the final month of 2023.
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In 2023, the Republican National Committee (RNC) experienced its least successful fundraising year since 2013, garnering only $87.2 million. As of the beginning of 2024, the RNC had just over $8 million in cash on hand.
When adjusted for inflation, the RNC’s fundraising hasn’t been this low since 1993, predating the limitations imposed by the 2002 McCain-Feingold Act, which constrained political committee fundraising from corporations and imposed caps on individual donations.
In 2023, the Democratic National Committee (DNC) disclosed a fundraising total of $120 million and a record $21 million in cash on hand. This showcased a substantial $13 million difference when compared to the corresponding figures of the Republican National Committee (RNC).
Additionally, the DNC reported a December fundraising amount of $14.7 million, surpassing the RNC’s $5.3 million for the same period.
While the Republican National Committee (RNC) received more direct contributions than the Democratic National Committee (DNC) over the year, the DNC held a strategic advantage.
The DNC established a joint fundraising agreement with the re-election campaign of President Biden and other joint fundraising committees.
This collaboration allowed the DNC to outpace the RNC for a significant portion of the year. It’s worth noting that national committees of both parties typically experience a decline in fundraising during election cycles when facing an incumbent president from the opposing party.
It’s notable that the RNC, unlike the DNC, does not have a joint fundraising agreement.
Republicans are contending with internal disarray within several of their party organizations across various swing states. This internal turmoil poses a challenge for the party as it strives to either maintain or expand its majority in the House, secure a majority in the Senate, and reclaim the White House.
Recently, the former chairman of the Arizona Republican Party, Jeff DeWitt, abruptly resigned from his position. This move came in the midst of allegations that he had unsuccessfully attempted to bribe GOP Senate candidate Kari Lake to dissuade her from entering the campaign.
In addition to these internal issues, the state party faced financial challenges in the past year due to reduced contribution levels and substantial legal costs, largely associated with the aftermath of the 2020 presidential election.
In Michigan, newly elected state GOP chairman Pete Hoekstra and ousted former chairwoman Kristina Karamo have been battling over who is actually in control of the party, while many other state party officials are facing felony charges for their alleged role in a fake electors scheme attempting to overturn the results of the 2020 presidential election in the state.
In Nevada, Republican Party Chairman Michael McDonald was indicted in a similar fake electors scheme, and in North Carolina, the state Republican Party’s FEC report shows that it burned through cash and is now $72,000 in debt.
Republican presidential candidates have poured hundreds of millions of dollars into advertising, aiming to clinch the party’s nomination. This extensive spending has contributed to a delay in the party’s ability to unite behind a single candidate and shift its focus toward the upcoming general election.
DNC spokesperson Alex Floyd expressed concern over the financial situation of the Republican National Committee, stating to Fox News Digital, “The Republican National Committee has become a financial dumpster fire at a time when they literally cannot afford it.”
Adding to the challenges, as the 2024 political landscape sees substantial spending on internal attacks within the Republican field and GOP state parties grappling with internal disputes and financial crises, a suggestion is made for Republican donors to contemplate the idea of personally burning their money instead of directing it towards the Republican National Committee (RNC).
A source knowledgeable about the Republican National Committee’s (RNC) fundraising efforts informed Fox News Digital that in 2023, the RNC outpaced all other Democratic and Republican committees in direct fundraising, except for the Democratic Congressional Campaign Committee (DCCC). This assessment was made without factoring in transfers from other joint fundraising groups.
The same source mentioned that the Republican National Committee (RNC) has made substantial financial commitments by investing in staff expansions across 15 battleground states. Additionally, the RNC has allocated resources to early voting and ballot-harvesting initiatives. However, the source did not confirm whether these investments were directly linked to the party’s relatively low cash on hand.
In a separate report, Fox News stated that the RNC raised $12 million in January, surpassing any monthly fundraising total achieved in 2023.
Following the publication, an RNC spokesperson communicated to Fox News Digital, stating, “The RNC is not only raising the necessary funds, but we’re making strategic investments early in battlegrounds to win up and down the ballot this Fall. Meanwhile, Democrats have an extremely unpopular agenda, no ground game, and a President sleepwalking his way to defeat in November.”