GOP nears $1 billion midterms war chest, more than triple Democrats' cash

Bill Allison, Bloomberg News on May 21, 2026

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WASHINGTON — President Donald Trump and his Republican allies have amassed a $939 million war chest ahead of November midterms, more than tripling the Democrats’ haul and setting them up to mount a formidable fight in their uphill effort to retain control of Congress.

The latest filings with the Federal Election Commission show Democrats have raised a more meager $267 million, despite the political winds being in their favor. Republicans’ deep well of money will allow them to saturate airways with ads defending their candidates and striking out at the opposition.

However, a sitting president’s party usually loses House seats in midterm elections. Republicans are headed into the vote with a slim House majority and are defending 14 of the 18 districts deemed toss-ups by the Cook Political Report. Adding voter malaise — from stubborn high prices and Trump’s declining approval ratings — to that math has left the party on the back foot.

The money will also be an advantage in Senate races where Democrats are looking to net four seats and take control. The GOP is defending 22 seats there, but only a few are considered to be competitive. The fundraising totals include the latest bank balances reported by Trump’s committees, the Republican party and their allied super PACs as well as their Democratic counterparts.

Individual Democratic candidates are faring better than the party and associated committees, suggesting it is the party that is struggling to draw in big-ticket support. Democratic Senate campaigns have raised $146 million more than GOP rivals, while its House candidates have a $157 million advantage.

Earlier Thursday, the Democratic National Committee released a long-withheld report that spreads blame for its overwhelming loss in 2024 and highlights how weak the party’s brand has become.

Trump’s MAGA Inc. entered May with $356 million cash on hand, the biggest bankroll among Republican committees. It raised $9 million in April, with the bulk coming in from RAI Services Company, a subsidiary of Reynolds American Inc. Bijan Tehrani, co-founder of the crypto-backed casino Stake, aerospace entrepreneur Kamal Ghaffarian and Marlene Ricketts, the wife of TD Ameritrade founder Joe Ricketts, each gave $1 million.

Powered by big donations from billionaire Thomas Peterffy and Midland Energy owner S. Javaid Anwar, the Republican National Committee raised $18.6 million in April and ended the month with $124 million in the bank, far more than its Democratic counterpart.

The Democratic National Committee raised $11 million, spent $10.5 million, and ended April with $14.4 million in the bank and $17.4 million in debt. Lone Pine Capital’s Stephen Mandel and his wife Susan Mandel were among its biggest donors.

The House Majority PAC, the main super political action committee supporting House Democrats, raised $3 million, giving it $65 million in the bank, with two of the party’s biggest donors writing checks for the first time this year. Billionaire Henry Laufer and his wife, Marsha Laufer, each gave $495,000. Intersystems Corp. founder Phillip Ragon gave the same amount. Philanthropist Jon Stryker gave $250,000 and Stephen Mandel gave $200,000.