
George Soros gave the Democratic National Committee $400,000 during the 2018 midterms. In 2022, that number climbed past $1 million. In 2026, according to the Wall Street Journal, the Soros family has yet to give the DNC a single dollar.
He's not alone. LinkedIn co-founder Reid Hoffman, who wrote steady checks to the DNC for years, has also contributed nothing this cycle. The donor class of the Democratic Party isn't just frustrated — it's walking away.
The reasons are layered but not complicated. Internal party divisions over Gaza policy and rising antisemitism have fractured the coalition. The Democratic Socialists of America wing — the crew that thinks the party's problem is that it isn't radical enough — has alienated the money people who actually write the checks. When your party is split between socialists and normies, the normies stop funding the revolution.
Then there's the math from 2024. The Kamala Harris presidential campaign burned through $1.5 billion in 107 days and lost anyway. Donors watched a billion and a half dollars evaporate in three and a half months with nothing to show for it. DNC Chairman Ken Martin has been helping retire that debt while simultaneously trying to fund a midterm cycle. He reportedly required DNC members to sign non-disclosure agreements just to view the committee's finances--not exactly an action that strikes a vote of confidence in supporters.
The fundraising gap is already showing up in the committee numbers. The National Republican Senatorial Committee has $56 million on hand compared to the Democratic Senatorial Campaign Committee's $41 million. The NRCC sits at $92.7 million versus the DCCC's $79 million. At the super-PAC level, the gap is a canyon: the main Senate Republican PAC holds $239 million to the Democrats' $126 million. The House Republican PAC has $142 million against $90 million on the other side. MAGA Inc. alone has built a $400 million war chest.
Even in individual races, the money tells a story. Democrat James Talarico is challenging Republican Ken Paxton for a Texas Senate seat. Talarico has $55 million on hand — an enormous sum — but must spend almost half of that just to reach Black voters in a state where Democratic infrastructure barely exists. Paxton has $4 million and the benefit of running in Texas.
The DNC has asked all of its vendors to postpone invoicing them until after the November midterms. That's not a fundraising slump. That's an organization that can't cover its bills.
The Democratic Party raised more money than any political operation in American history in 2024. It spent $1.5 billion in less than four months. It lost the presidency, the Senate, and the House. Now its biggest donors are gone, its chairman is hiding the books behind NDAs, and the activist wing is running candidates so far left they make the donor class physically reach for their wallets — and close them.
A party that can't keep George Soros's checkbook open has a problem that goes well beyond fundraising.


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