The Democratic National Committee is entering the 2026 midterm election year at a staggering financial disadvantage, trailing the Republican National Committee by nearly $100 million, according to new federal financial disclosures.
The Democratic National Committee entered 2026 in debt. It reported $14 million in the bank, with $17.5 million in debt — putting the party in the red by roughly $3.5 million.
In contrast, the Republican National Committee had $95.1 million and no debt.
Without a president to headline events, the party that does not hold the White House often struggles to raise money in its main national committee. President Trump’s reputation as a transactional politician has only further encouraged donors with business before the government to give generously, both to the party and Mr. Trump’s super PAC.
Still, the depth of the Democratic Party’s financial hole is noteworthy.
For instance, the R.N.C. had $38.8 million entering 2018, at the end of the first year of Mr. Trump’s first term. The D.N.C. was in the red at the time, with about $500,000 more in debt than cash. But the financial gap between the two parties was less than half of what it is now.
Last October, the D.N.C. took out a $15 million loan to fund the governor’s races in Virginia and New Jersey and to make longer-term investments. The party’s cash position has eroded significantly in the past year, after entering 2025 with $22 million in the bank. The R.N.C. started 2025 with a $38 million treasury.
Ken Martin, who was elected as chairman of the D.N.C. in early 2025, has an unswerving belief in the importance of making early investments in building the party. Even as it has faced financial strain, he has increased the monthly payments that the national party is making to state parties, for instance.
But Democratic officials are privately growing alarmed about the national party’s financial position.
The chasm between the two parties could prove especially consequential in 2026 because the Supreme Court appears poised to expand the financial importance of political parties.
Shane Goldmacher is a Times national political correspondent.
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