After sitting out the post-2024 doldrums, major Democratic donors are opening their checkbooks once more, driven by President Trump's sagging poll numbers and a credible shot at flipping both chambers of Congress this November. But their return is conditional: many are steering funds to specific candidates and competitive races rather than pouring money into the party's national committees.
"They are not fans of the party, but they are coming back," said John Morgan, the Florida-based megadonor and injury lawyer, describing the mood among the party's biggest financial backers. Morgan attributed the shift not to any internal reform but to "opposition to the Trump administration" and the smell of victory. "When donors smell a kill, they play ball. With the Senate in play, they can smell a kill," he added.
The optimism is fueled by once-unthinkable Senate opportunities in Iowa and Texas. The nonpartisan Cook Political Report moved both races to swing status in August, and Democratic candidates are reporting blockbuster fundraising. Texas state Rep. James Talarico pulled in roughly $27 million in the first quarter of 2026 and another $30 million in the second, while former Ohio Sen. Sherrod Brown raised $10 million and $14.1 million over the same periods.
"Iowa was improbable enough, but now Texas?" Morgan said, echoing the sentiments of donors who see a historic opening in the Lone Star State, where no Democrat has won a Senate seat since Lloyd Bentsen in 1988.
The renewed giving marks a sharp reversal from the aftermath of the 2024 elections, when Democrats lost the White House and Senate and failed to reclaim the House. Many donors then voiced deep frustration with a party they saw as rudderless, blaming President Biden's late exit and Vice President Kamala Harris's campaign strategy. Nearly two years later, that frustration persists, but the political terrain has shifted.
Donors point to Trump's focus on what they call trivialities—like building a White House ballroom and a 250-foot arch in Washington—while ignoring the economy and the ongoing war in Iran, which has driven up gas prices and inflation. Recent polls reflect the discontent: a YouGov/Economist survey this week put Trump's approval at 37% (61% disapprove), and a Financial Times/Focaldata poll showed just 32% approval against 59% disapproval.
Democratic operatives see a genuine path to flipping the House and are increasingly bullish on the Senate. In Texas, Talarico has led his Republican opponent, Attorney General Ken Paxton, in some polls, while Iowa's race remains tight within the margin of error. But the party's structural problems remain unresolved. "The fact of the matter is the party is still lost, and everyone knows it," said one longtime donor who requested anonymity. "This environment has simply created an opportunity. The larger problems, like message, are still there. And where are the leaders? I find them all underwhelming."
That donor and others have channeled funds directly to campaigns, ignoring the DNC and other party committees. Federal Election Commission filings show the disparity: the DNC had $16 million cash on hand at the end of July, versus $130 million for the RNC, and the DNC carried $18 million in debt. House and Senate committees tell a similar story—Republicans hold roughly $279 million across all committees, Democrats just $136 million.
"I don't think the individual campaigns are suffering, especially the ones that are flip seats and competitive races," said another unnamed donor. "I think people are coming back to candidates, not the party." That sentiment underscores a delicate reality: Democratic money is flowing again, but it is flowing around the party, not through it, leaving institutional weaknesses exposed even as November approaches.
