Republicans are in the final stretch heading into the 2026 midterm elections, trailing Democrats in national and battleground polls and holding many of the most competitive areas in Congress. But in important respects, cash has a clear advantage.
The three Republican national committees had about $233.4 million in cash on hand in September, nearly double the $130.4 million held by their Democratic counterparts, according to a CNBC analysis of newly filed Federal Election Commission reports.
And that doesn’t include President Donald Trump’s MAGA Inc. super PAC, the largest Republican-backed war chest. The super PAC has banked about $416 million so far in September. Two Trump-linked groups, No Going Back PAC Inc. and Safety & Afforability PAC Inc., have also secured at least $126 million in ad spending, according to AdImpact data.
This advantage gives Republicans the flexibility to shore up weak candidates or target late-game races with six weeks until Election Day. Republicans hold 16 of the 21 House races rated “toss-ups” by the Cook Political Report with Amy Walter, and are tied for six of the nine core battleground Senate seats.
The most severe disparity is between political parties in each country.
The Republican National Committee received $125.6 million at the end of August, according to FEC filings. The Democratic National Committee had $16.9 million in debt, while it had $17.6 million in debt, according to FEC filings. The RNC alone had more than seven times as much cash.
Party funding has also become more important this election cycle after the Supreme Court in June lifted limits on how much political parties can spend in partnership with candidates.
House Republicans held a small but record-breaking lead. The National Republican Congressional Committee has about $89.1 million in funding, about $13 million more than the Democratic Congressional Campaign Committee’s $75.9 million, according to FEC filings.
The Senate committee is an exception.
The Democratic Senatorial Campaign Committee spent $37.6 million in September, and the National Republican Senatorial Committee spent $18.7 million, according to FEC filings. However, NRSC has already begun spending heavily, spending $50.3 million in August, including approximately $45.9 million in adjustment spending, which reduced cash from $56.2 million at the end of July.
Entering the final week, Republicans and their allies plan to spend about $888 million on advertising through Election Day, compared to about $666 million for Democrats and their allies, according to AdImpact.
