By the end of this year, Republicans will have more cash on hand than Democrats, which highlights the struggle that Joe Biden’s party is facing to retain control of Congress in next year’s midterm elections.
Documents submitted by the Federal Election Commission this weekend show that the National Republican Senate Committee, which is committed to electing Republicans to the upper house of Congress, had nearly $30 million in cash on hand at the end of October—almost the $15.9 million in cash held by the Democratic Senate Campaign Committee. double. In the bank.
Compared with the Democratic Congressional Campaign Committee, the National Republican Congressional Committee focused on electing Republicans into the House of Representatives had roughly the same cash on hand at the end of last month, which was $68 million.
The president’s political party swept the House of Representatives and Senate with a small majority. In recent months, as Biden’s approval rating has continued to decline, as well as the strong opposition from state and local elections earlier this month, Democratic leaders are concerned about their prospects in the ballot box. Republican Glenn Youngin won the governorship of Virginia, and Biden led the state by more than 10 percentage points last year.
This week’s nonpartisan Cook’s political report changed the ratings of his three key Senate campaigns in Arizona, Georgia, and Nevada from “Lean Democrats” to “Toss”, highlighting the current Democratic legislators when they are running for re-elections. Challenges facing. Election next fall.
The FEC’s disclosure also highlights the ability of Republicans to reverse their fundraising fortunes after the January 6 attack on the U.S. Capitol caused the start of the year. A mob of supporters of former President Donald Trump stormed the Capitol and interrupted the Biden Electoral College’s proof of victory in a riot that killed at least five people.
In response, dozens of America’s largest companies stated that they would cancel or suspend their political action committee’s donations to Republicans who oppose the certification of the election results. This has raised concerns within the Republican Party about how the party will compete in raising funds. .
But the latest documents show that after accumulating employee donations in recent months, how American companies can largely resume donating to Republican committees and candidates. With the approach of next year’s midterm elections, the Republican treasury is supported. The NRSC is managed by Republican Senator Rick Scott from Florida, one of the eight Republican Senators opposed to certification.
The Financial Times’ analysis of 64 corporate political action committees and business lobbying groups that issued a statement after January 6 reassessing their donation policies shows that in the three months to the end of October, 10 large companies reported to the Republican Congressional Party Committee. Donated $212,500. In three months, eight corporate PACs provided $157,500 to the Democratic Congressional Committee.
During the same period, 38 corporate political fundraising agencies directly or through affiliated committees donated $386,500 to Republican leaders on Capitol Hill.
An analysis by the British Financial Times found that since the start of the calendar year, at least 22 companies have contributed the most to all four national party committees (NRSC, NRCC, DSCC and DCCC). These companies include: Google parent company Alphabet, Altria, American Airlines, AT&T, Boeing, Comcast, CVS Health, Delta Air Lines, Eli Lilly, FedEx, Ford, Genentech, Lockheed Martin, Pfizer , PG&E, PricewaterhouseCoopers, Raytheon, T-Mobile, United Airlines, UnitedHealth Group, Walmart and Wells Fargo Bank.
The federal election law limits the amount that PAC can provide to the national party committee to $15,000 each year. In each election, PAC can provide no more than $5,000 in funding to specific candidates.
The four companies’ corporate PACs—parcel delivery company FedEx, pharmaceutical company Eli Lilly, cable company Comcast, and biotechnology group Genentech—have made the largest legal contribution to the Democratic committee earlier this year. Then made the same contribution to the Republican Committee later this year, FT analysis shows.