Democrats outraised Republicans in competitive congressional races during the second quarter of the year, according to new fundraising reports. This financial advantage has put down-ballot Democratic candidates in a strong position as concerns grow over President Joe Biden's candidacy.
Senate Democrats demonstrated their fundraising strength by outpacing their Republican opponents in nine competitive Senate races out of the 10 seats most likely to flip. Notably, Ohio Sen. Sherrod Brown raised $12.8 million, the highest amount among Senate incumbents in the quarter. Montana Sen. Jon Tester also had a successful fundraising quarter, raising $10.6 million.
Despite strong fundraising efforts, some vulnerable Senate Democrats spent more money than they raised in the second quarter. This trend was observed in candidates such as Tester, Casey, Rosen, and Baldwin, who each spent at least $10 million during the period.
In the House, where Republicans hold a narrow majority, Democratic candidates outpaced their GOP opponents in 21 out of 22 Toss-up races. Notably, Democratic candidates in Toss-up races reported significant war chests, with 11 candidates holding $3 million or more, and five of them exceeding $4 million.
Outside groups and super PACs are also gearing up for intense campaign advertising. The Senate Majority PAC, affiliated with Senate Democratic leader Chuck Schumer, raised $44.3 million and had $124.3 million banked. On the Republican side, the Senate Leadership Fund raised $41.7 million and ended the quarter with $117 million on hand.
Super PACs are set to play a crucial role in the upcoming months, with over $589 million in future advertising reservations. Notable donations include $10 million from hedge fund executive Ken Griffin to the Congressional Leadership Fund and $3.5 million from Democracy PAC, affiliated with Democratic megadonor George Soros, to the Senate Majority PAC.
Additionally, Silicon Valley's support for Trump has been on the rise, with Elon Musk launching America PAC to support Trump's bid. The PAC collected $9 million in June, with top donors including Antonio Gracias and Ken Howery.
As the campaign season intensifies, these fundraising trends and developments are expected to shape the political landscape leading up to the elections.
