Key Democratic donors are increasingly concerned about the upcoming 2028 elections.
The Democratic National Committee (DNC) is facing a significant cash shortfall as it approaches November, with Chair Ken Martin under intense scrutiny for not bolstering financial reserves in preparation for the pivotal presidential race. However, the issue extends beyond Martin’s leadership.
More than six donors, bundlers, and donor advisers, who spoke anonymously, expressed a loss of confidence in the party’s leading organization. Many have redirected their financial support to the House and Senate Democratic campaign committees, the primary fundraising and expenditure channels for the midterms. Some have ceased collaboration with Martin, questioning the DNC’s current trajectory and purpose.
Bob Kerrigan, a Democratic donor and attorney from Florida, noted the DNC had not solicited contributions from him and criticized the party for failing to effectively position itself as an opposition force.
“There’s a more fundamental issue: What the hell do they do?” Kerrigan questioned, estimating he has donated around $2 million to individual candidates. “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 argue for a leadership shake-up or at least enhanced fundraising capabilities before the crucial presidential cycle. Martin has expressed his willingness to consider outside assistance before his term concludes 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,” said a Democratic bundler. “It’s beyond embarrassing and it’s not going to get better until he is gone.”
Democrats aim to turn 2028 into a referendum on President Donald Trump and the Republican Party, seeking a fresh start following their severe loss in 2024. However, internal chaos within the DNC, including negative press during Martin’s leadership, is hindering support.
The DNC is more than $2 million in debt, while the Republican National Committee has amassed over $128 million. The Supreme Court’s decision to remove coordination limits between parties and candidates has only amplified the GOP’s advantage.
The DNC is described as “sort of floundering right now,” by a 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 organizations are narrowing the fundraising gap with their Republican counterparts, alleviating some financial concerns for the midterms — but not for the long term.
A prominent Silicon Valley Democratic bundler expressed confusion over Martin’s lack of outreach 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.”
A national donor adviser noted that Martin’s publicized errors complicate efforts to persuade donors to support the DNC financially.
“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 stated. “But if it’s Ken, and it’s just the same — same old nonsense — I can’t make the case.”
A DNC representative defended Martin by highlighting recent progress with big-dollar donors. Over the second quarter, the number of donors contributing more than $100,000 doubled.
In a recent Substack post, Martin defended his fundraising record, claiming the DNC raised “the most money of any DNC without the White House in the 198-year history of the Democratic Party.” He also noted that the DNC’s fundraising is “nearly 63% ahead of the last directly comparable Trump-era period.”
Removing Martin would be a complex and politically challenging process, requiring a majority vote from the 400-plus member DNC and a willing replacement. Wishful speculation about potential substitutes is rampant, but prominent Democrats like Terry McAuliffe and Jon Tester have expressed disinterest in the role.
Even critics of Martin acknowledge that any genuine push for his removal must come from party leadership, who have so far publicly backed him.
Christine Pelosi, a DNC executive committee member and daughter of former Speaker Nancy Pelosi, acknowledged concerns over Martin’s transparency but does not foresee leadership changes before 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.”
However, Pelosi, a candidate for the state Senate in California, also stated that Martin should be ready to address numerous questions when the DNC convenes in two weeks in Austin, Texas, for its summer meeting.
Despite the improbability of an immediate leadership change, Martin faces significant pressure.
“History is precedent and so if you struggle now, that suggests you might struggle later,” another Democratic donor remarked. “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.”
Further exacerbating the Democrats’ financial issues, the GOP’s caucus-aligned super PACs, along with the RNC and campaign committees, reported $657 million in cash at the end of June — nearly double the $334 million held by Democrats. The MAGA Inc. super PAC associated with Trump reported over $400 million, a figure Democrats have no equivalent for.
Not all Democrats are worried about the 2028 implications. Some donors and advisers believe winning at least one congressional chamber in November could restore faith and prompt donors to re-engage. They also pointed to more avenues for DNC fundraising during presidential cycles, such as 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, the DNC deputy national finance chair, said Martin’s early investment in state infrastructure — through monthly checks to states and territories — is attracting donors. Lucas noted a growing enthusiasm among donors, resulting in her highest fundraising in the second year of a cycle.
Yet, the financial shortfall in 2026 could significantly impact the 2028 presidential race. Democrats privately acknowledge the DNC should be accumulating funds for the anticipated $5 billion contest, rather than addressing debt.
Some leading Democrats are independently supporting their party’s congressional control efforts by directly funding state parties and candidates, bypassing the DNC.
Sen. Mark Kelly of Arizona, a possible 2028 presidential candidate, mentioned in an interview that he has raised and distributed $10 million this cycle while the DNC resolves 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,” Kelly stated, adding that leadership changes before the midterms “does not make a lot of sense.”
Nonetheless, Kelly seemed open to re-evaluating this stance later in the year. When asked about potential leadership changes at the DNC post-midterms, Kelly paused before stating: “Let’s focus on getting to November.”
Senators Cory Booker and Chris Van Hollen, both potential 2028 contenders, expressed optimism about the DNC and Martin’s future.
“I don’t talk to one voter in New Jersey who’s concerned about the DNC,” Booker remarked.
Van Hollen acknowledged the DNC’s need for improved fundraising ahead of 2028 but urged Democrats to give Martin a chance to make improvements. His message to worried 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.
