The Republican National Committee (RNC) is facing a significant fundraising predicament under the leadership of Chairwoman Ronna Romney McDaniel. As of October 30, 2023, the RNC’s cash on hand has dwindled to $9.1 million, the lowest it’s been since February 2015. This is a stark contrast to the $20 million held at the same point in the 2016 cycle and the whopping $61 million during Trump’s presidency four years ago. In comparison, the Democratic National Committee reported having $17.7 million, almost double the RNC’s amount.
Oscar Brock, a Tennessee RNC member, acknowledged this revenue problem, stating, “We’re going through the same efforts we always go through to raise money: the same donor meetings, retreats, digital advertising, direct mail. But the return is much lower this year.” The staff has managed to control expenses to keep the party from going into the red, but the reluctance of donors to cut large checks to the RNC in recent years, coupled with a downturn in the party’s small-dollar program, has made a noticeable impact.
Some donors are reportedly withholding contributions as they believe it might indirectly support Trump, whom they do not wish to back, while others prefer to wait until 2024 or have grown frustrated with the party’s leadership.
McDaniel, who has been serving as the chair of the RNC since 2017, said, “I think there’s more donors just fully committed to their candidate right now, saying I am all in, and once the nominee is set, I’ll be there.”
However, critics like Virginia RNC member Patti Lyman argue that the party’s electoral record since 2017 and the contentious chair election have demoralized the base, contributing to the drop in donations. Moreover, Republican presidential candidate Vivek Ramaswamy publicly criticized McDaniel during the third RNC debate, attributing part of the blame for the Republicans becoming the “party of losers” to the RNC.
The GOP’s ability to adapt its fundraising strategies and unify its base will be crucial in determining its competitiveness in the upcoming 2024 electoral battles. As it stands, the party’s financial health looks concerning, and the leadership will need to address these issues swiftly and decisively.
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