The Democratic National Committee is in serious trouble, and everyone knows it—even if the DNC would rather pretend otherwise. With the 2026 midterms quickly approaching, the party finds itself strapped for cash, hemorrhaging donor confidence, and facing an enthusiasm gap that should have Democrats deeply worried. History tells us that the party in power almost always loses ground in midterm elections, and on top of all the other warning lights flashing bright red, the numbers are now backing that up.
Last month, CNN’s Harry Enten pointed to polling that show ominous signs for the Democratic Party. At the time, Democrats held just a two-point edge on the generic congressional ballot. Compare that to where they stood in the same spot ahead of the 2006 and 2018 elections—seven points ahead in both cases—and it makes perfect sense why even being ahead wasn’t exactly good news.
The real kicker, though, is the money. Fundraising is the lifeblood of modern campaigns—it keeps ads on television, organizers on the ground, and messaging in front of voters. Without it, even the best narrative gets drowned out. By every metric, the Republicans are running circles around the Democrats. At the halfway point of 2025, the Republican National Committee had amassed over $80.7 million in cash reserves. The DNC? A paltry $15.2 million—their weakest cash position in five years.
Meanwhile, the RNC had already raised more than $96 million this year, compared to the DNC’s just over $69 million. That leaves Republicans with a massive $65.56 million advantage. In politics, that’s not just a number on a balance sheet—it’s the difference between building a nationwide ground game and just trying to keep the lights on.
The donor pattern tells its own story. Big donors, once the DNC’s reliable safety net, have all but fled. In the first half of this year, only 47 individuals maxed out with the DNC, compared to more than 130 during the same stretch in 2021. The drop-off translates to millions that simply never came in, dollars now either parked on the sidelines or redirected to other Democratic committees and candidates. It’s not that Democratic billionaires don’t exist—it’s that they don’t trust Ken Martin’s leadership at the DNC to spend their money wisely. That lack of confidence only deepened after the DNC had to help cover $15.8 million in expenses with the Kamala Harris campaign, leaving them even more financially strained.
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Of course, the official DNC line is that grassroots energy will cover the gap. They point out that 65% of donations come from small-dollar donors, that they’ve held hundreds of town halls across all fifty states, and that volunteer numbers are strong. But the cold reality is that door-knockers don’t buy media time. Grassroots enthusiasm is nice to brag about, but it doesn’t erase the fact that major Democratic donors are walking away.
Behind closed doors, even Democratic strategists admit the danger. Some whisper about borrowing money just to stay solvent through the election cycle. Others hope that once the midterms draw closer, wealthy donors will show up again out of fear of another Republican wave. But that’s not strategy—that’s wishful thinking. Meanwhile, Republicans are gearing up with a robust war chest, record-setting fundraising momentum, and a party base that appears far more energized than the Democrats’ dispirited coalition.
If the DNC wants to pretend everything’s fine, they can keep pointing to a smattering of off-year local wins or the number of town halls they’ve conducted. But the numbers don’t lie. Donors are bailing, leadership is fractured, their financial disadvantage grows by the day, and even their trusted polling allies are warning of danger. Democrats are clinging to a paper-thin lead that history suggests will collapse. Unless something dramatic changes, 2026 isn’t shaping up to be the “blue wave” year. It’s shaping up to look a lot more like a Republican rout.
