Major Democratic donors are getting really anxious about 2028.
The Democratic National Committee has a massive cash deficit heading into November, and Chair Ken Martin is facing a growing onslaught of criticism for failing to build up reserves in the crucial years ahead of the presidential race. But the issue goes beyond his leadership.
More than half a dozen donors, bundlers and donor advisers, granted anonymity to speak candidly, said they’ve lost trust in the party’s top organization. Several have redirected their cash to the House and Senate Democratic campaign committees, the party’s main fundraising and spending vehicles for the midterms. Some said they’ve shut out working with Martin, are doubting the DNC’s current direction, or even questioning its very purpose entirely.
Bob Kerrigan, a Florida-based Democratic donor and attorney said the DNC hadn’t reached out to ask him to contribute and complained the party has “never figured out a way to be a party of opposition.”
“There’s a more fundamental issue: What the hell do they do?” said Kerrigan, who estimates he has contributed around $2 million to individual candidates over the years. “They are all in the beltway bubble and they are all important and they collect all sorts of money but what do they do?”
Democrats say they need a shake up at the top — or at least to bring on additional fundraising power — ahead of a critical presidential cycle. Martin has indicated he’s open to outside help before his term ends in 2029.
“Nobody wants to give [Martin] or DNC money at this point, but worry is focused on the day after the midterms, because the DNC is more of a presidential player,” one Democratic bundler said. “It’s beyond embarrassing and it’s not going to get better until he is gone.”
Democrats are eager to make 2028 a referendum on President Donald Trump and the Republican Party, and to give themselves a fresh start after their blistering loss in 2024. But they are struggling to support the DNC given the chaos engulfing the committee, which has faced a torrent of negative press under Martin’s tenure from the party’s botched 2024 autopsy to the yawning fundraising gap with Republicans.
The DNC is more than $2 million in debt, while the Republican National Committee has stockpiled over $128 million. Thanks to the Supreme Court’s ruling axing coordination limits between parties and candidates, the impact of the GOP’s advantage has only widened.
The DNC is “sort of floundering right now,” described one Democratic donor.
“I don’t see anybody who wants to be really involved over there over the two-year period building up to [2028]. I don’t hear anybody talking about the DNC other than these sort of bad stories that sort of keep dripping out here,” the person said. “The only games in town are the DSCC and the DCCC. That is where the action is and that is where the wins will come in November.”
Democrats’ House and Senate campaign arms are pulling significantly closer to their Republican counterparts in fundraising, easing some of Democrats’ cash concerns for the midterms — but not beyond.
Another prominent Democratic bundler from Silicon Valley, traditionally one of the party’s most reliable ATMs, said they were baffled by how little time Martin has spent reaching out to major donors: “Ken is not making calls, he’s just not doing it. And now, with his reputation in tatters, he’s even less likely to do it. Ken is in a death spiral.”
One national donor adviser said Martin’s highly publicized missteps are making it difficult to convince donors to cut checks to the DNC.
“We need an overhaul, and I think that’s what my folks will be in support of. And if that happens, there will be end-of-year giving, December will be a boom,” the donor adviser said. “But if it’s Ken, and it’s just the same — same old nonsense — I can’t make the case.”
A DNC official pointed to the party’s gains with big-dollar donors over the last few months in defense of Martin. Over the second quarter, the official noted that the organization had doubled the number of donors who contributed more than $100,000.
Martin, in a Substack post last week, defended fundraising during his tenure, saying the top campaign arm has raised “the most money of any DNC without the White House in the 198-year history of the Democratic Party.” And he attempted to contextualize the DNC’s cash problems, adding: “Any claim that the current DNC is experiencing historically weak fundraising must account for the fact that it is nearly 63% ahead of the last directly comparable Trump-era period.”
Removing Martin would also be a logistically and politically arduous task. It would require a majority vote of the 400-plus member DNC and somebody willing to step into one of the most thankless jobs in Democratic politics. (Wishcasting abounds for potential substitutes, but several prominent Democrats, including former DNC Chair Terry McAuliffe and former Sen. Jon Tester (D-Mont.) have told POLITICO they were not interested in the gig.)
Even those souring on Martin acknowledge that any real push for his ouster would have to come from party leadership, which so far is publicly sticking by him.
Christine Pelosi, a DNC executive committee member and the daughter of former Speaker Nancy Pelosi, said while there’s deep concern about a lack of transparency from Martin’s team, she doesn’t anticipate party leaders will opt for a shakeup so close to November.
“Don’t waste your time on a parlor game that isn’t going to happen,” she said. “We don’t want to be distracted. We must, in the words of Nancy Pelosi, make a decision to win and then make every decision in favor of winning.”
But the younger Pelosi, a candidate for the state Senate in California, also said Martin must be prepared to answer a torrent of questions when the full DNC gathers in two weeks in Austin, Texas, for its summer meeting.
While it’s unlikely that Martin faces an imminent coup, that reality has not diminished the angst being directed toward him.
“History is precedent and so if you struggle now, that suggests you might struggle later,” said another Democratic donor. “They’re going to have about a dozen candidates running for president. If you look at the inability to competitively raise money, it does make one question if you have the ability to deal with the other problems.”
To add to the Democrats’ money troubles, the GOP’s two caucus-aligned super PACs, combined with the RNC and House and Senate campaign committees, reported $657 million cash on hand at the end of June — nearly double the $334 million held by their Democratic rivals. Additionally, the MAGA Inc. super PAC linked to Trump reported over $400 million in the bank, and Democrats have no equivalent to it.
Not all Democrats are stressing about the implications for 2028, though. Some donors and advisers suggested Democrats flipping at least one chamber of Congress in November could help restore faith in the party and move donors off the sidelines. They also said there are more mechanisms for the DNC to raise funds in presidential cycles than midterms, including joint fundraising agreements.
“The only sure thing in presidential politics is that our donors are always wrong,” said one Democratic operative. “The same people who think the DNC is worthless now worry it is underfunded? The one thing I’m sure of is that our nominee will have plenty of funding in 2028.”
Claire Lucas, a DNC deputy national finance chair, said that Martin’s strategy of investing early in state infrastructure — cutting monthly checks to states and territories — is helping to attract donors. Lucas said she’s “seeing a building level of enthusiasm” among donors that’s helped her bring in the “most I have ever raised in the second year of a cycle.”
But the fundraising hole of 2026 still threatens to have massive implications for the 2028 presidential race. Democrats privately note the DNC at this point should be stockpiling cash for what’s expected to be a more than $5 billion contest, rather than trying to dig out of debt.
Several leading Democrats have taken matters into their own hands as their party fights for control of Congress, circumventing the DNC and donating directly to state parties and candidates.
Sen. Mark Kelly of Arizona, a potential presidential contender in 2028, said in an interview he has raised and given away $10 million this cycle while the DNC sorts out its issues.
“Fundraising is important for the DNC, and they’ve got to figure some things out, but I think they should be able to do it,” the senator said, adding any leadership changes before the midterms “does not make a lot of sense.”
But the Arizona Democrat appeared to leave the door open to revisit that possibility later this year. Pressed if there should be leadership changes at the DNC after the midterms, Kelly paused before replying: “Let’s focus on getting to November.”
Sens. Cory Booker (D-N.J.), another potential 2028 candidate, and Chris Van Hollen (D-Md.), whose name is in the mix for a presidential or Senate leadership bid, were more optimistic about the DNC’s future — and Martin’s.
“I don’t talk to one voter in New Jersey who’s concerned about the DNC,” Booker said.
Van Hollen acknowledged the need for the DNC to improve fundraising ahead of 2028, but argued Democrats should give the embattled chair a chance to turn things around. His response to the party’s alarmed donors: “If you’re worried about the lack of DNC funding, give.”
Andrew Howard, Dustin Gardiner, Kimberly Leonard and Jessica Piper contributed to this report.
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