U.S. Democratic fundraising arm outraises Republican counterpart in July By Reuters

By Jason Lange WASHINGTON (Reuters) – The fundraising arm of the U.S. Democratic Party raised more money in July than its Republican counterpart, helped by big contributions from billionaire donors including investor George Soros and former Google (NASDAQ:) Chief Executive Eric Schmidt. Disclosures filed on Friday with the Federal Election Commission showed the Democratic National




By Jason Lange

WASHINGTON (Reuters) – The fundraising arm of the U.S. Democratic Party raised more money in July than its Republican counterpart, helped by big contributions from billionaire donors including investor George Soros and former Google (NASDAQ:) Chief Executive Eric Schmidt.

Disclosures filed on Friday with the Federal Election Commission showed the Democratic National Committee raised about $13.1 million last month, above the $12.9 million raised by the Republican National Committee.

The RNC still had more money in the bank at the close of the month – $79 million compared to nearly $68 million held by the DNC – although Democrats narrowed the gap.

Raising more money does not necessarily translate into Election Day victory, but a big bank account helps U.S. parties support their candidates’ campaigns and pays for ads and polling.

Democrats have narrow majorities in the U.S. Senate and the House of Representatives, and losing control of either in the November 2022 contests would be a blow to Democratic President Joe Biden’s agenda.

Friday’s disclosures showed that Schmidt – a Silicon Valley titan who has made personnel recommendations to Biden’s White House for Department of Defense appointments, according to a Reuters report https://www.reuters.com/article/usa-tech-biden-insight/big-techs-stealth-push-to-influence-the-biden-administration-idUSKBN28V170 – gave more than $360,000 to the DNC in July.

Soros, a famed investor and a bogeyman of conservatives due to his status as a major donor for liberal causes, gave the DNC at least $250,000 in July.

While the DNC has raised slightly more than the RNC this year, Republicans have been spending money more aggressively.

It also spent more in July, shelling out $1 million to JDB Marketing Inc, a Mount Pleasant, South Carolina firm that specializes in direct mail fundraising.

Some of the DNC’s largest outlays during the month were also to support fundraising efforts, including more than $1.1 million to RWT Production, a direct mail firm from Annandale, Virginia.

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