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The 2024 Donor Hangover

Democrats have had a sluggish start to fundraising for the midterms amid the party’s lingering post-election identity crisis. And yet, there are emerging signs that angry donors who swore off giving are slowly overcoming their trust issues and returning to the fold.

Roy Cooper
Insiders are also predicting that an avalanche of money will pour into next year’s open Senate race in North Carolina, where former Democratic Governor Roy Cooper announced his campaign today—perhaps the party’s best offensive opportunity on an otherwise challenging map. Photo: Chip Somodevilla/Getty Images
Abby Livingston
July 28, 2025

Nearly nine months after the party’s Trump-induced identity crisis began, Democrats are still struggling to channel their political trauma into something more productive: raising money. Indeed, according to the latest fundraising numbers, Republicans have dominated almost everywhere, with all three of the party’s big campaign committees—the R.N.C., the N.R.S.C., and the N.R.C.C.—outraising their Democratic counterparts. In this past quarter, 10 House Republican incumbents in competitive districts raised more than $1 million, compared to one House Democrat.