April 16, 2024, 7:57 a.m.
Vulnerable Democrats are squirreling away mounds of cash as they prepare to defend their narrow Senate majority, according to the latest campaign finance reports filed with the Federal Election Commission Monday night.
The reports show that while the Senate battlefield is not in their favor, Democrats have not seen a drop-off in campaign contributions and will put up a fight. The five most vulnerable Democratic members—in Montana, Nevada, Ohio, Pennsylvania, and Wisconsin—raised an average of $7.2 million in the first three months of 2024 and entered April with an average of $12.8 million in cash on hand. Democratic candidates also outraised Republicans in two competitive open-seat races in Maryland and Michigan. Sens. Jon Tester of Montana and Sherrod Brown of Ohio, the two most vulnerable members, raised a combined $20 million in the last three months.
Four incumbents were outraised by challengers. In Wisconsin, Democratic Sen. Tammy Baldwin was outraised last quarter thanks to her would-be opponent, Republican real estate executive Eric Hovde, writing an $8 million check to his campaign. In Texas, Sen. Ted Cruz (R) was outraised by Rep. Colin Allred (D), $9.5 million to $7 million. Allred also reported more cash on hand than Cruz. In Florida, Sen. Rick Scott (R) was outraised by former Rep. Debbie Mucarsel-Powell (D). Finally, embattled Democratic Sen. Bob Menendez of New Jersey was outraised by several challengers, posting a $76,000 quarter as his legal problems mount. Menendez said he would not seek renomination as a Democrat and is toying with an independent bid.
Republicans have successfully recruited independently wealthy candidates with deep pockets. In fact, Hovde, the only GOP challenger to outraise an incumbent Democrat, did so thanks to a massive personal financial investment.
Democrats are not without their own self-funder. Rep. David Trone of Maryland, running in the competitive race to replace retiring Sen. Ben Cardin (D), loaned his campaign $18.5 million last quarter after former Gov. Larry Hogan (R) jumped into the race. Trone has now invested more than $41.5 million of his personal fortune in the race ahead of the May 14 primary.
Democrats also have an edge on the PAC front. The Democratic-aligned Senate Majority PAC outraised its GOP counterpart, the Senate Leadership Fund, $39.3 million to $24.4 million. The Democrats had more cash on hand than Republicans entering April, $92 million to $59.5 million.
The official campaign committees file monthly rather than quarterly reports, but entering March the Democratic Senatorial Campaign Committee had $32 million on hand and the National Republican Senatorial Committee had $24.8 million.
Last week, Hotline updated its list of the 10 Senate seats most likely to flip. Here’s how much the top candidates in those races raised in the last three months:
1. West Virginia: Open (D)
- Gov. Jim Justice (R): $424,000
- Rep. Alex Mooney (R): $376,000
2. Montana: Sen. Jon Tester (D)
- Tester: $8 million
- Former Navy SEAL Tim Sheehy (R): $3.1 million with a $500,000 candidate loan
3. Ohio: Sen. Sherrod Brown (D)
- Brown: $12.1 million
- 2022 candidate Bernie Moreno (R): $3.7 million with a $1.5 million candidate loan
4. Nevada: Sen. Jacky Rosen (D)
- Rosen: $5 million
- Former Ambassador to Iceland Jeffrey Ross Gunter (R): $2.9 million with a $2.7 million candidate loan
- 2022 candidate Sam Brown (R): $2.4 million
- 2022 secretary of state nominee Jim Marchant (R): $49,000
5. Michigan: Open (D)
- Rep. Elissa Slotkin (D): $4.4 million
- 2018 candidate Sandy Pensler (R): $2 million with a $2 million candidate loan
- Former Rep. Mike Rogers (R): $1.1 million
- Actor Hill Harper (D): $713,000 with a $350,000 candidate loan
- Former Rep. Peter Meijer (R): $315,000 with a $80,000 candidate loan
- Former Rep. Justin Amash (R): $478,000
6. Pennsylvania: Sen. Bob Casey (D)
- Casey: $5.7 million
- 2022 candidate David McCormick (R): $5.4 million with a $971,000 candidate loan
7. Wisconsin: Sen. Tammy Baldwin (D)
- Hovde: $9.1 million with a $8 million candidate loan
- Baldwin: $5.4 million
8. Arizona: Open (D)
- Rep. Ruben Gallego (D): $7.5 million
- 2022 GOV nominee Kari Lake (R): $3.6 million
9. Texas: Sen. Ted Cruz (R):
- Allred: $9.5 million
- Cruz: $7 million
10. Maryland: Open (D)
- Trone: $18.7 million with a $18.5 million candidate loan
- Prince George’s County Executive Angela Alsobrooks (D): $2.1 million
- Hogan: $1.9 million
