Democratic donors determined to oust Trump say they’re opening checkbooks

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 of the return by some of the party’s biggest checkwriters.

Morgan suggested antipathy to President Trump — coupled with hope that Democrats are on the verge of big midterm wins in the House and Senate — is convincing big donors to get out their checkbooks.

“The party is not bringing them back. It is their opposition to the Trump administration,” he said. “Also, when donors smell a kill, they play ball. With the Senate in play, they can smell a kill.”

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 the Democratic candidates in the two states show strength.

“Iowa was improbable enough, but now Texas?” Morgan said, commenting on the views of the big donors.

The Democratic candidate in the Lone Star State — Texas state Rep. James Talarico — may be among those who are benefiting from the renewed enthusiasm. He raised about $27 million in the first quarter of 2026 and another $30 million in the second quarter, according to his campaign.

Former Sen. Sherrod Brown (D-Ohio), who is running again for a Senate seat in Ohio, raised more than $10 million in the first quarter and raised another $14.1 million in the second quarter.

The interest among donors in reopening their wallets marks a significant shift from the aftermath of the 2024 election, when the party lost both the White House and Senate majority and failed to win back the lower chamber.

After those losses, many donors expressed deep unhappiness with what they viewed as a rudderless party. They pointed fingers at former President Biden’s unwillingness to step aside sooner and questioned some of the strategies of then-Vice President Kamala Harris’s campaign, after she became the party nominee when Biden left the race.

Nearly two years later, their frustration with the party hasn’t really subsided. What has changed for the donor and fundraising class is the political landscape.

They point to Trump’s lack of focus on the economy — the dominant issue that propelled his victory in 2024 — 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 and constructing a 250-foot arch in the nation’s capital while millions of Americans are hurting economically.

Trump’s recent poll numbers have been on the decline as a result.

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 also out this week showed Trump with an approval rating of 32 percent while 59 percent disapproved.

Democrats believe they have a good chance of flipping the House, and they are increasingly feeling more optimistic about their chances of winning the Senate.

In Texas, Talarico has been polling slightly ahead of his opponent, Republican state Attorney General Ken Paxton. A Democrat hasn’t won a Senate seat in the Lone Star State since Lloyd Bentsen in 1988, and the party is energized at the chance to make history.

Democrats also have their eyes on flipping the Iowa Senate seat. In that race, polls show a tight race within the margin of error.

The consensus among donors and fundraisers is that the party apparatus hasn’t changed much, and that it remains largely leaderless and somewhat directionless. They also question the messaging coming out of the party — with many arguing that Democrats haven’t given voters enough of a reason to support them other than opposing Trump.

“The fact of the matter is the party is still lost, and everyone knows it,” one longtime Democratic donor said. “This environment that we’re in now has simply created an opportunity. The larger problems, like message, are still there. And where are the leaders? I find them all underwhelming.”

The donor said he and others he knows have directed their funds to specific candidates, choosing to largely ignore the committees — including the Democratic National Committee (DNC) — which is something that has been reflected in the latest filings from the Federal Election Commission.

The DNC ended July with more than $16 million cash on hand while the Republican National Committee (RNC) ended the same period with more than $130 million cash on hand. The DNC also reported nearly $18 million in debt, while the RNC was debt-free.

The difference in cash between the House committees fares better for Democrats, with the National Republican Congressional Committee (NRCC) reporting more than $92 million while the Democratic Congressional Campaign Committee (DCCC) reported $80.2 million.

The National Republican Senatorial Committee (NRSC) reported more than $56 million cash on hand as of the end of July, compared to the $40 million reported by the Democratic Senatorial Campaign Committee (DSCC).

Combined throughout the committees, Republicans reported roughly $279 million while Democrats had $136 million.

“I don’t think the individual campaigns are suffering, especially the ones that are flip seats and competitive races,” another unnamed donor said. “I think people are coming back to the water, but they’ve still got a lot of anxiety.”

The donor and others predicted that they will be cautious during the 2028 presidential race when it comes to doling out money since there’s no clear front-runner among the likely candidates.

“I’m going to play the field a little, see what’s out there,” the donor said. “I suspect others will do the same.”