How Worried Should Dems Be About the GOP’s Huge Cash Advantage?
The November midterms will test how much money matters when it comes to angry voters.

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Inside Washington
How worried should Dems be about the GOP’s huge cash advantage?
Late Wednesday night, the Senate adjourned until after the midterms, officially kicking off the final sprint of the campaign season. Republican candidates are heading home to constituents who are concerned about President Trump’s war in Iran and the high price of essentials. Democratic candidates are meanwhile heading into November with a massive cash disadvantage. The question remains: Will floods of money be enough to overcome the anger American voters are feeling?
The Democratic National Committee had $16 million in cash on hand at the end of July, compared to the Republican National Committee’s $130 million on hand. That staggering cash gap is only compounded when you factor in the DNC’s nearly $18 million in debts owed, putting them firmly in the red.
What’s more, a Supreme Court decision in June means the Republican Party cash advantage goes further than ever before; the justices lifted the cap on coordinated donations between political parties and candidates.
Republicans’ money advantage is particularly stark in the frontline Senate races like Texas, where party money, outside PAC spending, and individual donations are fueling unprecedentedly expensive contests. By the end of September, the race between Democrat James Talarico and Republican Ken Paxton had seen almost $259 million in total ad spending for the general election, which was already higher than the $202 million spent in 2024, when Democrat Colin Allred faced off against Senator Ted Cruz. In September alone, GOP spending groups pumped $122 million into the state to counter Talarico’s increasingly high polling numbers.
In the first three weeks of September, Republicans outspent Democrats by more than $100 million in the seven Senate races rated as a “toss-up” by the Cook Political Report. In total, AdImpact estimates that a staggering $11.6 billion will be spent during the 2026 cycle, which is more than both the 2022 midterm elections and the 2024 presidential cycle.
But it’s less clear what that spending will actually buy. “Money is important, but it’s not everything,” said Bruce Freed, the president of the Center for Political Accountability. “Public angst, deep public concern, can offset the type of money advantage—or at least mitigate some of the money advantage—that you’re seeing today.”
Some Democratic candidates are using the GOP’s cash advantage to ring alarm bells among supporters, hoping to pull in cash from small-dollar donors. “The GOP outspending us 3-to-1 is working, and now this race is within their reach,” a fundraising email from Chris Pappas’s campaign on Thursday read. Pappas is running for Senate in New Hampshire against Republican John Sununu. The race is surprisingly tight, experts told The New Republic in early September, and new forecasting confirms it: The Cook Political Report shifted the race toward Republicans—from “lean D” to “toss-up”—on September 15.
Senate hopefuls aren’t the only ones facing high levels of spending. A handful of House races have racked up massive price tags too. All in all, the GOP has spent or booked $454 million on House races to Democrats’ $381 million. In swing districts, that spending disparity is heightened. In New York’s 17th congressional district, GOP Representative Mike Lawler has benefited from $20 million in spending since the start of August, compared to a meager $3.8 million for Cait Conley, his Democratic opponent.
The real impact of Republicans’ cash advantage will only be clear when polls close on November 3. But until then, we have one clear indicator that money might not be everything in 2026: the generic ballot. And signs point to a potential tsunami for Democrats. In August, Democrats had an eight-point lead on Emerson College Polling’s generic congressional ballot, which measures which party voters might vote for, regardless of the specific candidates. Come September, that lead widened to a whopping 11 points.
—Emma Janssen
Outside Washington
A new poll shows Democratic Representative Marie Gluesenkamp Perez in a dead heat with her Republican challenger, John Braun, in Washington’s swingy 3rd congressional district. Interestingly, 11 percent of likely voters still appeared to be undecided in the survey, commissioned by Oregon Public Broadcasting. Gluesenkamp Perez has broken with Democrats on more than one occasion recently to advance a GOP agenda that would have otherwise failed—a move that embarrassed and angered other Dems but was widely seen as reflecting her challenging reelection position. A lot of her home-district Democratic voters, however, are also frustrated with Gluesenkamp Perez: 16.7 percent of them voted for progressive challenger Brent Hennrich in the August primary.
On the other hand, The Washington Post reviews the prospects of Scott Colom, running for Senate in Mississippi against Republican incumbent Cindy Hyde-Smith. It’s a “long shot” in a state Trump won by 23 points, write Dan Merica and Gregory S. Schneider, but “top Democratic officials and donors [are] increasingly hopeful that he could pull off the inconceivable,” given “this year’s poor political environment for Republicans.”
The DataOne data center in Vineland, New Jersey, that will reportedly be supplying Microsoft with computing power may have emitted 140 tons of nitrogen oxides over the course of “nearly a year before state regulators stepped in,” Floodlight’s Evan Simon reports at The Guardian. This is a follow-up to a piece from last week in which Simon and Brad Racino revealed that the data center had been running “at least 45 gas generators” without a permit. Nitrogen oxides have been linked to respiratory problems and heart attacks in humans, and Rutgers University’s Xiaomeng Jin calculates that the data center ranks as one of “the state’s top five NOx polluters of 2025.”
—Heather Souvaine Horn
The Ideas Factory
In case you missed it: Data for Progress released a new survey on American social activity this week, and the results are a mix of sobering and fascinating. From 1995 to 2026, the percentage of people who say they’ve entertained at home in the past year dropped from 88 percent to 67 percent, while the percentage of people who say they’ve finished reading a book in the same time period dropped from 80 percent to 62 percent. But staying late at work has dropped too, while going to a concert or an exercise class has gone up. Going out to breakfast, giving or attending a dinner party, picnics, communal worship, clubs, and a class are all way down, while internet use, unsurprisingly, has skyrocketed.
“Can a clean economy be built at the speed and scale that this moment demands?” At the Center for American Progress, Jessica Keller reviews the “lessons” from New York City’s Climate Week in late September. No real surprises here: Keller highlights the importance of “forward-looking policies that invest in emerging technology and industrial emissions reductions,” union jobs, and “clean, abundant power” that doesn’t increase households’ utility bills. But all of this, Keller writes, requires “bold, progressive leadership.”
—Heather Souvaine Horn
In Closing
Good Week: James Talarico
Democrats have been disappointed before in Texas, but reports keep rolling in suggesting that Talarico is defying all expectations. He’s outraised Republican opponent Ken Paxton in rich Republican neighborhoods, Newsweek reported on Wednesday. New data seems to show that he has erased Trump’s 2024 gains with Latino voters, TNR’s Greg Sargent observes. And crucially, an Axios analysis of 2026 versus the 2018 Beto O’Rourke flameout shows 2026 looking much more favorable for Democrats in Texas on several key metrics, especially based on primary turnout.
Bad Week: Eric Schmitt
No need to belabor this one: You really don’t want the first reports that you might be on the 2028 presidential ticket to hit the internet at the same time as viral videos of you screwing up sports team names and getting owned by Amy Klobuchar in a congressional hearing.
—Heather Souvaine Horn
Political Trivia Question of the Day
The Oval Office didn’t exist when the White House was built in the 1790s. Under what president was the first Oval Office built? Hint: It coincided with the construction of the West Wing—in other words, at a time when the size of the president’s staff began to grow. (Sign up for The TNR Blue Book to find the answer in tomorrow’s newsletter.)
—Michael Tomasky







