According to financial statements reported to the Federal Elections Commission (FEC), the RNC raised just $87.2 million last year, spent more than $93 million, and began Q1 of this year with just $8 million cash on hand and debts totaling more than $1.8 million. Alex Floyd, Rapid Response Director for the Democratic Party, said the cash on hand figure is less than half that currently held by the Democratic National Committee (DNC) and is less than half the cash on hand Republicans had in 2011, the last time they faced a presidential Democratic incumbent. In a thread posted to social media platform X, Floyd said the DNC outraised the RNC by nearly 3-to-1, while detailing the numerous states where Republicans are enduring public struggles. “The RNC reports record low fundraising and [cash on hand] while GOP state parties are devolving into chaotic infighting and struggling w/ debt,” he wrote. “All of this leaves the RNC + state parties in a more desperate financial position than ever at a time when they can least afford it.” FEC forms confirming the GOP’s financial drought stand in stark contrast to their Democratic counterparts. President Joe Biden raised $97 million during the final quarter of 2023. The campaign is sitting on $117 million cash on hand, more than any other Democratic presidential candidate in history at this point in the election cycle, the campaign said. Combined with a massive haul of $208 million from a pro-Biden PAC last year, the Biden campaign has access to $325 million to mount a challenge to former President Donald Trump. Financial disclosures released last week show that Trump raised $19 million during Q4 last year, down from $25 million the previous quarter. The FEC filing also shows that roughly $27 million in donations to Trump’s campaign were used to cover his legal fees, amid four sets of criminal charges and several civil cases he faces.As the 2024 election season heats up, new financial disclosure filings reveal that the Republican National Committee (RNC) is hemorrhaging money, with 2023 being its worst fundraising year since 1993.
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