The lagging donations to the GOP should be a giant, flashing warning light to those paying attention
Donald Trump may look good against President Joe Biden in early poll numbers — at least for now, before his trials start landing next year — but he’s going to be facing more than a bunch of frightening court dates in 2024 when he wins the Republican nomination.
He’s going to be leading a national party that’s facing serious money woes.
The Washington Post dropped this bombshell article, which has received almost no attention to date. (But look for this story to pick up steam in the coming days and weeks.)
Donations to GOP drop as worries mount about the party’s finances
From the story:
The Republican National Committee disclosed that it had $9.1 million in cash on hand as of Oct. 30, the lowest amount for the RNC in any Federal Election Commission report since February 2015. That compares with about $20 million at the same point in the 2016 election cycle and about $61 million four years ago, when Trump was in the White House.
The Democratic National Committee reported having $17.7 million as of Oct. 30, almost twice as much as the Republican Party, with one year before the election.
“It’s a revenue problem,” Tennessee RNC member Oscar Brock said. “We’re going through the same efforts we always go through to raise money: the same donor meetings, retreats, digital advertising, direct mail. But the return is much lower this year. If you know the answer, I’d love to know it. The staff has managed to tighten down on expenses to keep the party from going into the red.”
Donors have not cut as many large checks to the RNC in recent years, and the party’s small-dollar program has also suffered, according to people familiar with the party’s finances, who, like others, spoke on the condition of anonymity to discuss internal party details. Some donors aren’t giving to the RNC because they think that will help Trump, which they don’t want to do, these people said, while others have said they prefer to wait until 2024 to give. Some have grown frustrated with the party’s leadership, people close to major donors said.
And it’s not just the national party. State Republican Parties bank accounts are running on fumes as well, especially in crucial swing states.
We’ll start with Arizona, then move to Michigan.
From the Arizona Mirror:
The Arizona Republican Party’s fundraising efforts so far this year have been dismal, with Democrats outpacing them seven to one, leaving political operatives wondering if the party’s new chairman can right the ship in time to mount any sort of meaningful campaign in 2024.
The party took in only $165,293 in contributions so far in 2023, as compared to the Arizona Democratic Party’s more than $1.15 million. While in recent years, the state Democratic Party has always taken in a larger amount of individual contributions than the Republican Party, the GOP is struggling even more than usual to garner funding this year.
And the state Republican Party’s federal account, which is vital to fund operations during a presidential election year, was in a sad state as of the end of June, with less than $24,000 in cash on hand, compared to the state Democratic Party’s nearly $714,000.
Things are quite similar in Michigan.
The Michigan Republican Party had about $35,000 in its bank accounts in August, according to internal records that flash new warning signs about the dire state of the GOP's finances and raise questions about whether the organization is complying with campaign finance laws.
The documents, obtained by The Detroit News, cover from February when party Chairwoman Kristina Karamo took office through Aug. 10, about six weeks before the party's Mackinac Republican Leadership Conference and about five months into Karamo's term.
The party has regularly transferred money from an account that's usually focused on federal elections to other accounts to afford expenses, according to the records. And earlier this year, Karamo's 2022 secretary of state campaign loaned the party's federal account $15,000 after that account's balance turned negative. The transaction wasn't reported in disclosures from the campaign or the party's federal committee.
All of this falls in line with what I previously shared: Trump and the Republicans no longer have the backing of billionaires who supported him last time.
Three quick examples:
Trump ally, billionaire GOP megadonor Ronald Lauder won't back Trump's 2024 run for president
Peter Thiel won’t fund any 2024 races after backing Trump in 2016: ‘It was crazier than I thought’
There’s a lot that goes into winning a Presidential campaign, but it certainly takes money. And the GOP is way behind on that race, at least to this point.
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Stan R. Mitchell
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