Five takeaways from the latest campaign fundraising reports: Totals raise questions about two key senators
Republicans are defending the slimmest of majorities in the House and a majority in the Senate next year, and GOP candidates have struggled to compete with Democratic fundraising in recent election cycles.
The fundraising reports highlight candidates who are starting to prepare for competitive races and others who may be lagging. The most recent filings with the Federal Election Commission cover money raised and spent from April through June.
Here are five takeaways from the latest reports:
Cornyn and Ernst stay in the spotlight
Sen. John Cornyn, R-Texas, has been facing questions over whether he will be able to overcome a challenge from his right flank by state GOP Attorney General Ken Paxton. And while the new reports show Cornyn's entire political operation brought in a significant haul, the report won't necessarily quiet concerns about his ability to push back a challenger.
Comparing direct fundraising into the two candidates' official campaigns, Paxton outraised Cornyn $2.9 million to $804,000. It was the second-lowest quarterly haul from Cornyn's campaign across 2013-2014, 2019-2020 and the current election cycle — the recent times that Cornyn has been preparing to defend his seat.
Cornyn also fundraised into another group supporting his campaign: a joint fundraising committee that brought in $3.1 million. Much of that money can be used in support of Cornyn's bid, but not all can be directly transferred to his campaign. Cornyn closed June with $5.9 million in his campaign account, compared to Paxton's $2.5 million.
Iowa GOP Sen. Joni Ernst's haul is notable, too. She hasn't officially announced she's running for another term, though she did bring on a campaign manager. Still, there has been speculation about whether she could decide to retire. She raised $722,000 last quarter — lower than any quarter during her 2020 bid.
Two of Ernst's possible Democratic opponents fundraised just below her total haul for the quarter. She still holds a significant cash-on-hand advantage over her possible Democratic opponents, with $3.4 million in her account.
The most vulnerable Senate incumbents amass war chests
Georgia Democratic Sen. Jon Ossoff and Maine Republican Sen. Susan Collins are the two most vulnerable incumbent Senators on the map next year. And they spent last month fundraising like it.
Ossoff, the only Democratic senator running for re-election in a state President Donald Trump carried in 2024, continues to print money, following up an $11.2 million first fundraising quarter with a $10 million second quarter, ending June with a whopping $15.5 million on hand. While the GOP primary race to take him on next fall is still materializing, only Rep. Buddy Carter raised a seven-figure sum, $3 million after a $2 million loan from the candidate.
Collins, the only Republican senator defending a state former Vice President Kamala Harris won last year, posted a strong fundraising haul for her much-smaller state: $2.4 million. Her top Democratic opponent so far, former congressional aide Jordan Wood, raised $1.6 million, which included a $250,000 candidate loan.
The latest fundraising reports also shed light on hotly contested primaries in key Senate battlegrounds.
Democratic Sen. Gary Peters' decision not to run for re-election in Michigan has led to a contested Democratic primary, with Rep. Haley Stevens leading the primary field with a $2.8 million haul, though that included a $1.5 million transfer from her House campaign. State Sen. Mallory McMorrow raised $2.1 million, former Wayne County health director Abdul El-Sayed raised $1.8 million, and former state House Speaker Joe Tate raised $192,000.
Stevens ended the quarter with more cash on hand than her primary opponents, banking nearly $2 million.
Former GOP Rep. Mike Rogers' campaign raised $745,000 and ended the quarter with $1.1 million on hand. The Rogers campaign also touted $779,000 raised by the candidate's joint fundraising committee, which is tied to the campaign, the National Republican Senatorial Committee, another Rogers PAC and a super PAC. The joint fundraising committee ended the quarter with $770,000 on hand.
Rogers, who is running for Senate again after losing a close race last year, could face a primary despite having endorsements from the NRSC and Senate Majority Leader John Thune. Rep. Bill Huizenga has also been weighing a Senate run and his campaign raised $747,000 in the second quarter.
A Democratic primary is also underway in Minnesota, a potentially competitive state where Democratic Sen. Tina Smith is retiring.
Rep. Angie Craig outraised Lt. Gov. Peggy Flanagan by pulling in nearly $2.5 million, including more than $600,000 from her House campaign, and ending the quarter with $1.8 million on hand. Flanagan raised $917,000 and banked away $783,000.
Royce White, the only Republican in the race so far, raised just $125,000.
Republicans have a contested primary to take on Ossoff in Georgia, where Carter led the GOP field in fundraising thanks in part to his sizable loan. Insurance Commissioner John King raised $518,000 and ended the quarter with $450,000 on hand.
Millions pour into safe-seat primaries
Then there are the handful of Senate primaries that will likely decide who heads to Washington in 2027 because the states overwhelmingly support Republicans or Democrats.
The most consequential may be Louisiana, where Republican Sen. Bill Cassidy's political career is on the line amid a challenge from the conservative wing of his party. The incumbent raised $1.6 million and closed June with $8.7 million banked away. His main primary opponent, state Treasurer John Fleming, loaned himself $2 million and raised another $115,000 from individuals. State Sen. Blake Miguez loaned himself $1 million and raised another $800,000 from individuals.
Then there are two open seats — one in red Kentucky to replace the retiring Sen. Mitch McConnell and another in blue Illinois to replace the retiring Sen. Richard Durbin.
GOP Rep. Andy Barr flexed his fundraising muscles last quarter, raising $1.4 million and ending with more than $6 million banked away. State Attorney General Daniel Cameron raised under $400,000 with about $500,000 in cash on hand, while businessman Nate Morris, who is also running, announced his campaign after the books closed.
The Democratic race to replace Durbin is shaping up to be expensive, with Rep. Raja Krishnamoorthi reporting a $12.7 million haul (including $10 million in transfers from his flush House campaign). The congressman has also already hit the airwaves, launching a TV ad this week. Rep. Robin Kelly raised nearly $2.5 million (mostly a transfer from her House campaign) and Lt. Gov. Juliana Stratton raised nearly $1.1 million.
House lawmakers prepare for fights ahead
The battle for the House is also continuing to take shape, with Democrats looking to net three seats to take control of the chamber. And lawmakers on both sides of the aisle are filling their campaign coffers ahead of tough races.
Of the 38 incumbents in races rated as 'toss-ups' or only 'leaning' to one party or the other by the Cook Political Report with Amy Walter, seven GOP House members and one Democrat raised more than $1 million.
Rep. Young Kim, R-Calif., led the pack with more than $2 million raised in the quarter, followed by Rep. Eugene Vindman, D-Va., with a $1.6 million haul. Other lawmakers in competitive districts with million-dollar quarters include GOP Reps. Mike Lawler of New York, Ken Calvert of California, Mariannette Miller-Meeks of Iowa, Derek Van Orden of Wisconsin, Juan Ciscomani of Arizona and Tom Barrett of Michigan.
Only a few incumbents in the most competitive races on the map were outraised a challenger, but they did so thanks to personal loans to their campaign.
Arizona Democrat Jonathan Treble raised $1 million to GOP Rep. David Schweikert's $740,000, but the Democrat contributed about $672,000 of his own money.
Democratic Reps. Don Davis of North Carolina and Susie Lee of Nevada were also outraised by challengers who are using their own money — in North Carolina, Republican Sandy Roberson raised $2.3 million to Davis' $700,000 and in Nevada, Republican Marty O'Donnell raised $3 million. Roberson loaned his campaign $2 million and O'Donnell loaned his $3 million.
Texas Democratic Rep. Henry Cuellar, who is facing a federal indictment, had the opposite dynamic. His $460,000 quarter outpaced his opponents, but that's only because he loaned his campaign $200,000.
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