DNC’s $2 Million Debt Stands Against RNC’s $128 Million Cash Reserve

The Democratic National Committee (DNC) disclosed that it is carrying roughly $2 million in debt, a stark contrast to the Republican National Committee’s (RNC) cash balance exceeding $128 million. The DNC’s latest fundraising report shows the party raising an average of $8.6 million per month, which it says is being allocated to “important projects” and campaign infrastructure rather than building a surplus.

The Bulwark

The financial snapshot emerged during a meeting of DNC members held at the Salamander Hotel, where the committee also debated whether Nevada or South Carolina should host the first contest in the 2028 presidential primary calendar. The discussion of the primary schedule coincided with growing unease among some attendees about the party’s fiscal health and the leadership of chair Ken Martin.

The Bulwark

Chair Ken Martin responded to the concerns by circulating a Substack post that framed the narrative of “financial trouble” as inaccurate. He emphasized that the DNC’s monthly fundraising pace and its investment in campaign infrastructure demonstrate a strategic focus on long-term electoral capacity rather than merely maintaining a positive balance sheet.

The Bulwark

Several DNC members and party officials present at the Salamander meeting expressed skepticism toward Martin’s assessment. They described the fundraising figures as “disappointing” and noted that the debt figure, combined with the RNC’s sizable cash reserve, underscored a widening resource gap that could affect the party’s competitiveness in upcoming election cycles. The internal unease reflects broader doubts about the committee’s financial stewardship and the chair’s ability to rally support within the organization.

The Bulwark