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...

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