In theory, the Democrats should have a relatively easy midterm. Real Clear Polling shows them with a five-point edge across all generic congressional-ballot polling at the moment. Donald Trump's aggregate job-approval rating is underwater by fifteen points. The country is at war, gas prices are up, and inflation keeps popping up and interfering with wage growth.
In practice? The Democratic National Committee held a meeting about its finances last month, a rather routine occurrence. However, Axios reports that it took a very unusual step before allowing its members to see the data:
The Democratic National Committee asked its leadership team to sign non-disclosure agreements before a recent meeting about the party's finances, two people familiar with the conversations told Axios.
Why it matters: The move — a break from past practice for such officers — underscored DNC chair Ken Martin's sensitivity about the party's money woes and the persistent criticism about his leadership.
Well ... it underscores something, clearly. Exactly what may be difficult to suss out, thanks to the NDAs, but Martin didn't demand NDAs because the news was so darned good that Martin didn't want his opponents to know it.
Besides, the public data already painted a pretty bad picture for Martin and the DNC:
- The DNC has nearly $15 million on hand but is $18 million in debt, according to its latest campaign finance filings through the end of May.
- The RNC has $125 million on hand and no debt.
Martin can't hide that performance behind an NDA. The DNC has to reveal those numbers on a regular basis, and as Axios reports, the numbers don't look good. Martin claims that the DNC is raising money, and he's correct, but it's spending money faster than donations come in. The May report Axios references shows activity for the entire two-year cycle through May, and the DNC has raised slightly over $196 million in that period, including $15 million in loans. However, under Martin's leadership, the DNC spent over $204 million in this cycle, including $150 million in operating expenses. At the start of the cycle in January 2025, the DNC had $22 million cash on hand, which has now dropped below $15 million.
Let's compare that to the RNC. Its FEC filing for the same period shows $261 million in contributions and total disbursements of $174 million, with operating expenses roughly the same as the DNC's ($146 million). The RNC began the cycle with a slight edge in cash on hand at $38 million, but as Axios notes, it now has over $125 million in the bank.
The RNC is outraising the DNC in this cycle, but not by all that much. There seem to be more problems at the DNC than just fundraising. Whatever those are, Martin doesn't want people talking about it, and the implication is that these problems would make Martin and the DNC look worse than the results of their management over the last 18 months. The upshot is that the RNC is far more prepared for a general-election fight than the broke DNC.
How much will that matter? Again, it matters enough to make Martin demand NDAs for the DNC's internal discussions. Other campaign committees (DSCC, DCCC) may fill these gaps, and outside PACs will matter too. One has to wonder, though, whether the PAC money will follow the DSA socialist candidates in the Democrats' civil war rather than boost the overall party.
Editor’s Note: The 2026 Midterms will determine the fate of President Trump’s America First agenda. Republicans must maintain control of both chambers of Congress.
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