Democratic donors who were once turned off by the state of their party are beginning to write checks again, spurred by the prospect of Republican losses in November’s midterm elections.
But their return comes with a big caveat: Many are bypassing the party and homing in on individual candidates and races where they say they can help Democrats gain control of both chambers of Congress.
“They are not fans of the party, but they are coming back,” John Morgan, the Democratic megadonor and injury lawyer, said. “The party is not bringing them back. It is their opposition to the Trump administration. Also, when donors smell a kill, they play ball. With the Senate in play, they can smell a kill.”
The Texas and Iowa Factor
News that Senate races in Iowa and Texas appear winnable for Democrats has been noticed by donors. The nonpartisan Cook Political Report in August moved both races to swing status as Democratic candidates show strength.
“Iowa was improbable enough, but now Texas?” Morgan said. The Democratic candidate in Texas, state Rep. James Talarico, raised about $27 million in the first quarter of 2026 and another $30 million in the second quarter. Former Sen. Sherrod Brown, running again in Ohio, raised more than $10 million in the first quarter and $14.1 million in the second.
Frustration With the Party
The interest among donors marks a significant shift from the aftermath of the 2024 election, when the party lost both the White House and Senate majority. After those losses, many donors expressed deep unhappiness with what they viewed as a rudderless party.
Nearly two years later, their frustration hasn’t subsided. What has changed is the political landscape. Donors point to Trump’s lack of focus on the economy and the ongoing war in Iran, which has caused higher gas prices and inflation. At the same time, they say, Trump is focused on inconsequential matters like building the White House ballroom.
Trump’s recent poll numbers have been on the decline. A YouGov/Economist survey released this week shows the president’s approval rating at 37 percent while 61 percent disapprove. A Financial Times/Focaldata poll showed Trump at 32 percent approval.
Bypassing the DNC
The consensus among donors is that the party apparatus hasn’t changed much and remains largely leaderless. Many are choosing to ignore the committees, including the Democratic National Committee.
The DNC ended July with more than $16 million cash on hand while the Republican National Committee ended the same period with more than $130 million. The DNC also reported nearly $18 million in debt, while the RNC was debt-free.
“The fact of the matter is the party is still lost, and everyone knows it,” one longtime Democratic donor said. “This environment has simply created an opportunity. The larger problems, like message, are still there. And where are the leaders? I find them all underwhelming.”
The Bottom Line
Democratic donors are returning to fund midterm campaigns against Trump, but many are bypassing the party and giving directly to candidates in competitive races. Texas and Iowa Senate races have drawn significant donor interest. Trump’s approval ratings have declined amid the Iran war and economic concerns. The DNC trails the RNC significantly in fundraising, and donors remain frustrated with the party’s direction and leadership.
