The Democratic Party finds itself in quite a financial bind these days. I’m happy to report that the situation is not good for them at all.
But, boy, are they trying to spin it as a positive thing.
The Democratic National Committee borrowed $15 million in October, according to Federal Election Commission filings, an unusually hefty sum to take on this far out from any major election. When your party ends the month with $18.3 million in cash on hand, and $15 million of it came from a loan, you’re not exactly working from a position of strength. That’s a bleak scenario.
Martin insists the gamble is already paying dividends. “We can’t win elections or fight back against Trump if the DNC downsizes operations like it often does after a presidential cycle,” he said in a statement. “I made a bet that investing early would build power, rack up wins and rally supporters back to the table. That bet is paying off.” Sure, Democrats managed to win races in New Jersey and Virginia, but those are blue states. Imagine having to take out millions in loans to win elections in blue states.
Are we seriously supposed to believe that’s a good thing?
The DNC spent $16.9 million in October alone, the most in any single month this year, with over $6 million going to boost those blue state gubernatorial candidates.
Compare that to the Republican National Committee, which had $86 million in cash reserves at the end of September and zero debt. The financial disparity is enormous, and it reflects deeper troubles within the Democratic fundraising apparatus. Major donors have stayed on the sidelines as the DNC tries to rebuild after getting shellacked in 2024.
Politico has the story.
The DNC has taken out loans before, although usually not this early in the cycle or of this magnitude all at once. In Trump’s first term, when the national party similarly faced fundraising lags, it reported $3.2 million in debt in November 2017 — this same time in the cycle — and more than $7 million a few months later, according to past FEC filings. The DNC has not reported more than $15 million in total debt since February 2014.
But the national party has faced slower fundraising this year as many major donors have stayed on the sidelines amid the DNC’s rebuilding efforts. The party’s fundraising numbers have improved slightly in recent months, and it raised $7.5 million from donors in October, not far off from the same month in 2021.
Adding to the DNC’s woes, the party spent the earlier part of 2025 cleaning up the mess left behind by Kamala Harris’s billion-dollar boondoggle 2024 presidential campaign. The committee paid off $18 million in leftover campaign expenses, money that could have been used to build infrastructure for the coming cycle instead of settling old bills.
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I think much of the Democrats’ fundraising problems are because of Kamala. She burned through over $1 billion in just 107 days, without winning a single swing state. If you were part of the Democrat donor class, would you be willing to donate money to the party right now?
The DNC has taken out loans before, although usually not this early in the cycle or of this magnitude all at once. In Trump’s first term, when the national party similarly faced fundraising lags, it reported $3.2 million in debt in November 2017 — this same time in the cycle — and more than $7 million a few months later, according to past FEC filings. The DNC has not reported more than $15 million in total debt since February 2014.
But the national party has faced slower fundraising this year as many major donors have stayed on the sidelines amid the DNC’s rebuilding efforts. The party’s fundraising numbers have improved slightly in recent months, and it raised $7.5 million from donors in October, not far off from the same month in 2021.
Martin can tout his blue state victories all he wants, but the bottom line remains brutal. The Democrats are deep in debt, hemorrhaging donor support, and scrambling to stay competitive against a Republican Party flush with cash and momentum. That’s not a bet paying off—that’s a party desperately trying to keep the lights on while pretending everything’s fine.
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