Democrats Raise $100 Million Through July, Narrrowly Topping GOP
Democrats Raise $100 Million Through July, Narrrowly Topping GOP
(Bloomberg) -- The Democratic National Committee has raised a record $100.2 million through July, its best total in a non-election year, narrowly topping the $97.9 million raised by its Republican counterpart.
According to Federal Election Commission filings released Friday, the DNC took in $13.1 million in July. The group received a maximum $365,000 donation from former Alphabet Inc. chief executive officer Eric Schmidt, $250,000 from investor George Soros, and $100,000 from Seth Klarman of Baupost Group LLC. Bain Capital’s Josh Bekenstein and his wife Anita Bekenstein each gave $50,000.
Grassroots donors -- those giving less than $200 -- combined to give $3.5 million. The Biden Victory Fund, which supported President Joe Biden’s 2020 campaign, the DNC and state parties, transferred $4 million raised for the last election.
After spending $8.3 million in July, the DNC ended the month with $67.9 million cash on hand, its best total for this point in an election cycle. That still lags the Republican National Committee, which has a war chest of $79 million despite spending $99.4 million, or $1.3 million more than it’s raised, so far in 2021.
The RNC’s favorable cash balance comes from the windfall it enjoyed thanks to former President Donald Trump’s post-election fundraising, when he repeatedly and falsely blamed widespread election fraud for his loss, and claimed he needed to raise money to challenge the results in court.
The RNC raised $12.9 million in July, with its biggest support coming from small-dollar donors, who gave $6 million. It spent $15.6 million.
Narrowly Divided
Both the RNC and DNC are raising money to aid their candidates in the midterm elections. Republicans have a chance to regain control of the House after losing the chamber in the 2018 elections. The party went on to lose the presidency in 2020 and the Senate early this year.
The House is narrowly divided, with Democrats holding 220 seats compared to 212 for Republicans and three seats vacant. The Senate is split 50-50, with Democratic control resting on Vice President Kamala Harris’s ability able to cast a tie-breaking vote.
Parties that hold the White House traditionally lose House seats in the midterms. Republicans lost 41 seats in the 2018 elections, with Trump in the White House. Democrats lost 63 seats in 2010 during President Barack Obama’s first term.
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