With six months until the high-stakes midterm elections, the Democratic Party is struggling to raise money and keep up with its GOP counterparts, leading to frustrations among some donors with Democratic National Committee leadership and its chair Ken Martin.
At the end of March, the Republican National Committee outraised the DNC $21.2 million to $11.4 million, according to new reports filed with the Federal Election Commission. The RNC reported having nearly eight times more cash on hand — $116 million to the DNC’s $13.8 million. In addition, the DNC is a little over $18 million in debt, according to FEC filings.
Democrats, though, are performing better than they did in 2018 at this point in the cycle when the party had raised $7 million and had little more than $9 million cash on hand. The party had just under $6 million in debt at that time, too.
Multiple Democratic bundlers, strategists and donors told ABC News that they are still angry over how funds were allocated during the 2024 presidential election — and frustrated at Martin’s unwillingness to publicly release a DNC audit that examined what went wrong for Democrats in 2024.
After Martin won his campaign to be DNC chair in 2025 following the presidential election, he committed to conducting a review of the 2024 election and making it public. However, Martin has yet to release the full audit, saying instead he’s focused on looking forward and has released “lessons” from the audit.
Democratic officials and leaders — including Democratic Sen. Brian Schatz, who is poised to become the No. 2 Senate Democrat after the midterms — have urged for the report to be released as they look toward the midterms.
“What’s in the report that you wouldn’t want publicized?” “Pod Save America” host and former Obama administration speechwriter Jon Favreau asked Martin during an episode released April 28.
Martin replied that there was no “smoking gun” and that he wants to “keep the focus on the lessons.”
A longtime DNC finance member, who spoke to ABC News on the condition of anonymity, noted many donors are still questioning how funds were allocated during the 2024 race and the unreleased results of the DNC’s promised audit.
The member said donors were upset that, despite the DNC’s massive fundraising during the 2024 election, Kamala Harris didn’t win a single battleground state. It raised concerns about allocations toward paid media, voter outreach and, most troubling for many donors, the amount of money that went to consultants.
But following the 2024 election and Martin taking over the reins at the DNC, there has been a shift toward investing in state parties long before elections, as well as podcasts, influencers and more modern forms of public relations and communications
Cooper Teboe, a Democratic strategist in California, told ABC News that donors are “feeling incredibly jaded, incredibly unhappy” with the DNC over the 2024 election — with some questioning whether their financial contributions make a difference.
“We’re coming off of record fundraising for Democrats that seem to really not move the needle,” Teboe said. “So, folks have been in a position of, well, does my money actually do anything? Does my money do anything to change the needle?”
DNC spokesperson Mia Ehrenberg said the party is investing in ways that will help Democrats win.
“Democrats are putting our resources into the field, building infrastructure to power wins today and for years to come, and delivering overperformances all across the country, meanwhile Republicans are losing elections at a humiliating rate in spite of their billionaire donors,” Ehrenberg said in a statement to ABC News.
As frustrations with Martin over how he’s handling his job grow, a few members have started exploring options and rules for removing a chair, a source familiar with the situation told ABC News — although the source framed the efforts as very informal and focused on asking about the process.
“I don’t see Ken as a leader. The DNC reached out to me probably six months ago, and I told them to take me off their list, that it’s a waste of their time to send me anything, and the more they send, the less chances they ever have of getting me back,” said one longtime Democratic donor, who is now focused on individual candidates as opposed to the national committee.
Asked about his job to raise money for the party on “Pod Save America,” Martin said “the job of the DNC chair is singular: It’s to win,” adding that he has been helping the party succeed in that effort.
Michael Knapp, a DNC member, said he supports Martin’s work as chair, telling ABC News that Martin “came in with a clear mandate to shift the DNC towards long-term party building.”
“[Ken’s] investing in state parties, organizing, partisan voter registration, infrastructure … the things that actually win elections over time,” Knapp said to ABC News in a text message.
“On the fundamentals of the job, I think he’s very strong. The DNC’s raising significant grassroots money even while paying down inherited debt,” Knapp also said.
Daniel Weiner, director of the Brennan Center for Justice’s elections and government program, told ABC News that historically, the party out of power has had an “uphill battle with fundraising that’s not unique to this moment.”
“Frankly, over the years, the president has become much more habituated to raising the sort of big money that you would expect an incumbent to raise, and that Democratic incumbents have also raised, to some degree,” Weiner said. “And so we see the more traditional pattern emerging of the party in power just raises a lot more money than the party out of power.”
A longtime DNC finance member said frustrations with the DNC have led donors to focus on “individual elections as opposed to the DNC as an organization.”
While the national party is struggling to raise money, individual Democratic candidates are seeing a massive cash infusion ahead of November’s midterm elections, as donors show greater interest in investing in individual candidates.
Many of the Democratic Party’s top Senate candidates posted gainful fundraising hauls for the first quarter of 2026, massively outraising their Republican opponents, according to FEC filings.
“I think folks are very desperate for new leaders and new voices in the party, and I think that’s why you’re seeing the party infrastructure raising less, because the donors, both the donor class and the grassroots, want to see what is out there to define the future of the Democratic message and that’s just not going to come from the DNC,” Teboe said.
One senior Democratic official in touch with donors and party leaders told ABC News that while many big donors are frustrated by the results of the last election, an increasing number are expected to get off the sidelines and contribute more to various Democratic candidates and organizations through the summer and fall.
“Donors can be complicated,” she told ABC News.
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