New federal filings show the Democratic National Committee ended November with a sharply reduced financial cushion, holding just over $12 million in cash while carrying nearly $16 million in outstanding debt tied largely to a recent loan.
Those figures arrive as Democrats head toward the 2026 midterms under growing internal strain, with party leaders split over whether to release a detailed assessment of the failed 2024 Biden–Harris campaign and how to recalibrate ahead of a fight to reclaim control of Congress.
According to Federal Election Commission disclosures, the DNC reported roughly $12.6 million cash on hand for November, raised $10.7 million during the month, and listed $15.9 million in liabilities. Republicans seized on the filing, charging that Democrats are struggling to keep up with their bills.
By comparison, the Republican National Committee posted $89.9 million in cash on hand for the same period and reported no debts, leaving the DNC only marginally ahead of the GOP in November fundraising totals but dramatically behind in overall financial strength.
The November report also shows the DNC’s reserves shrinking by about $6 million over the course of the month, as expenditures exceeded incoming donations. In October, the committee had taken in $23 million — more than twice its November haul.
The loan contributing to the party’s current debt load was taken out before Democrats scored notable electoral wins in New Jersey, Virginia, and New York City. Over the same stretch, the RNC’s cash reserves dipped by less than $1.5 million.
Tensions inside the party sharpened last week after the DNC decided not to make public its post-election analysis of Vice President Kamala Harris’s loss to President Donald Trump. Party chairman Ken Martin said releasing the report now would be “a distraction from its core mission.”
A senior DNC official, speaking anonymously, said the party’s outreach efforts fell short — particularly among voters ages 18 to 30, a group that shifted toward Trump by 11 percentage points. The official added that Democrats failed to calm voter anxiety about crime and illegal immigration and lacked credibility when addressing economic concerns.
Not all Democrats agree with keeping the report under wraps. Senate Chief Deputy Whip Brian Schatz criticized the decision, saying, “I believe the DNC should release the report because 1) that’s what they said they were going to do 2) this is going to be a thing 3) if there’s good analysis we should see it.”
Despite the internal disputes, Democrats currently maintain a nearly four-point edge over Republicans on the generic congressional ballot, according to the RealClearPolitics polling average.
Harris has also signaled interest in seeking the Democratic presidential nomination in 2028, after rising to the top of the 2024 ticket without a primary when President Joe Biden ended his campaign just 107 days before Election Day.
Reports indicate the unreleased DNC analysis does not squarely address Biden’s decision to seek reelection at an advanced age. The New York Times reported that issue was largely avoided, while the Bulwark said some Biden or Harris advisers pressed party leaders to keep their names out of the document.
Financial pressures have continued into 2025. FEC records show the DNC spent more than $18 million in the first seven months of the year repaying expenses linked to Harris’ campaign.
The grim fundraising picture coincides with renewed scrutiny of Democratic leadership following remarks by Hunter Biden during a lengthy podcast appearance, where he criticized the administration’s immigration policy and the U.S. withdrawal from Afghanistan. “We don’t want immigrants that are coming here illegally, draining us of resources, and being prioritized above people that are actual, literal heroes, that are still recovering from 21, 20 years of endless war — or anybody else in our society,” he said on “The Shawn Ryan Show.”
Data from the Congressional Budget Office estimate that about 2.4 million immigrants entered the United States each year from 2021 through 2024, while a Goldman Sachs analysis concluded at least 60 percent crossed the border illegally.
Early polling of a hypothetical 2028 race shows Vice President JD Vance trailing Harris by just one point, while other surveys indicate Vance would defeat Democratic contenders such as California Gov. Gavin Newsom.
Republicans argue the numbers reflect deeper problems inside the Democratic Party. RNC spokeswoman Kiersten Pels accused party leadership of mismanagement, saying, “Ken Martin has turned the DNC into a money-losing operation that reflects the failures of the broader Democratic Party.”
She added, “The DNC is drowning in debt, still paying Kamala Harris’ campaign bills, and watching donors flee as leadership bankrolls radical candidates voters don’t want. Ken Martin has run the party into the ground, and Republicans sincerely hope he keeps it up.”
{Matzav.com}