OAN Staff Katherine Mosack
1:30 PM – Friday, November 21, 2025
The Democratic National Committee (DNC) took out $15 million in loans in October in anticipation of next year’s midterms, according to a new filing submitted with the Federal Election Commission.
The DNC described this borrowing as an “early investment” to support candidates in New Jersey and Virginia and to build up state party infrastructure heading into the 2026 midterms.
Politico reported that the Democrat Party’s need for a loan puts it in “sharp contrast with its GOP counterpart.” While the DNC reported $18.3 million in cash at the end of October, the Republican National Committee reportedly had $86 million at the end of September.
“We can’t win elections or fight back against Trump if the D.N.C. downsizes operations like it often does after a presidential cycle,” DNC Chair Ken Martin said in a statement. “I made a bet that investing early would build power, rack up wins and rally supporters back to the table. That bet is paying off.”
The party spent $16.9 million in October, marking the most it has spent in any single month this year. Included in this expense was over $6 million for New Jersey and Virginia’s gubernatorial candidates.
The DNC raised its monthly contribution to state parties to more than $1 million per month.
While the DNC has taken out loans in previous cycles, it rarely does so this early — or in such a substantial single draw.
This time, major Democrat donors have largely stayed on the sidelines as the party works to regroup after its 2024 defeat, leaving fundraising well behind pace and forcing the committee to bridge the gap with an unusually large and premature credit line.
This year, the DNC has also been tasked with paying off $20 million in campaign debt, accumulated from former Vice President Kamala Harris’s failed presidential run in 2024. Most recently, the committee made a payment of $1.6 million in September.
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