GOP Gaining Ground: Fundraising Battle Intensifies as Both Parties Gear Up for 2024 Election

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In April, the Democratic Party outpaced the Republican Party in fundraising, but the GOP is narrowing the gap. Both parties are ramping up their efforts as the 2024 election approaches, with significant cash reserves and strategic fundraising initiatives.

Why It Matters

The fundraising capabilities of each party influence their ability to campaign effectively, impact policy discussions, and ultimately sway election outcomes.

Who It Impacts

This impacts American voters, candidates running for office, and political strategists focused on the 2024 election.

The Democratic Party outpaced the Republican Party in fundraising efforts for April, although the GOP is closing the gap as both parties gear up for the 2024 election. According to monthly disclosure statements filed with the Federal Election Commission (FEC) on May 20, Democratic committees still hold a substantial cumulative cash-on-hand advantage over their Republican counterparts.

In April, the Democratic National Committee (DNC) raised approximately $35.5 million, while the Republican National Committee (RNC) brought in about $32 million. This $2 million difference marks a significant shift from previous months when the DNC raised substantially more. For instance, in the prior month, the DNC outraised the RNC by $14 million.

April was notable as the first full month under the new RNC leadership of Chairman Michael Whatley and co-Chair Lara Trump. This new leadership team has committed to working closely with the Trump campaign, and early results suggest their strategy is beginning to pay off. Lara Trump highlighted the growing momentum in a post on X, referring to President Trump’s legal battles as a “sham, Soviet-style trial,” and predicting continued success through the general election in November.

Despite the GOP’s gains in fundraising, the DNC still holds a significant cash-on-hand lead. The DNC ended April with about $62 million in reserves after spending $18.7 million during the month. In contrast, the RNC closed out April with approximately $39 million, having spent $14.6 million. The DNC also reported a debt of about $275,000.

The collaborative fundraising efforts between the RNC and the Trump campaign have been bolstered by the Trump 47 Committee Inc., a joint fundraising committee. This committee channels funds to the RNC and various national Republican causes, significantly contributing to the RNC’s coffers.

On the congressional fundraising front, the National Republican Senatorial Committee (NRSC) raised about $13.1 million in March, surpassing the Democratic Senatorial Campaign Committee (DSCC), which collected about $9.3 million. However, the DSCC retains a significant cash advantage, with $44.3 million on hand compared to the NRSC’s $38 million.

Similarly, the Democratic Congressional Campaign Committee (DCCC) outperformed the National Republican Campaign Committee (NRCC) in April, raising about $12.4 million against the NRCC’s $10 million. The DCCC also maintains a larger cash reserve, holding $76 million compared to the NRCC’s $59.8 million.

Both the DCCC and NRCC celebrated their respective fundraising achievements, each claiming their best month of the 2023-2024 campaign cycle. DCCC Chair Suzan DelBene criticized House Republicans for prioritizing partisan politics, while NRCC Chairman Richard Hudson emphasized the Republicans’ efforts to out-recruit and out-message their Democratic opponents.

The significant fundraising efforts by both parties highlight the intense preparation for the upcoming elections. Republicans currently hold the majority in the House and 49 seats in the Senate, while Democrats control 48 seats but are considered the majority due to support from three independent senators.

As the 2024 election approaches, all 435 House seats and one-third of Senate seats will be contested. The ongoing fundraising efforts underscore the high stakes and the strategic maneuvers by both parties to secure their positions.