Republican, Democratic parties start 2021 flush with cash
Both the RNC and the DNC should have plenty of money to spend as the 2022 midterms heat up
Fox Business Flash top headlines are here. Check out what's clicking on FoxBusiness.com.
The Republican National Committee and the Democratic National Committee each started the new year with plenty of money in their coffers.
The RNC reports having just over $80 million cash on hand at the beginning of the year, according to the national party committee's latest filing Sunday night with the Federal Election Commission.
The $80 million in the bank may inch up. The RNC along with then-President Donald Trump's campaign hauled in more than $250 million in the aftermath of President Biden's November election victory, as Trump contested the results of the election. While much of the RNC’s cut of those funds has already been transferred, some remaining money raised post-election – which is currently held by Trump’s Make America Great Again Committee – is likely headed to the national party committee.
MCDANIEL SAYS RNC PUSHING BACK AGAINST BIDEN'S 'EXTREME POLICIES'
Trump, who according to the latest public opinion polling remains extremely popular with Republican voters, plans to stay influential in GOP politics going forward, supporting primary challenges to Republicans up for reelection in 2022 who refused to help the then-president’s attempts to upend Biden’s election victory. The former president is flirting with a 2024 presidential run to try and win back the White House.
The RNC is planning on inviting Trump to its annual spring donor meeting, which is expected to be held in early April in Palm Beach, Fla., near Trump's home. Other potential 2024 Republican White House hopefuls will also likely receive invitations.
A month ago RNC chair Ronna McDaniel, a Trump ally, was unanimously reelected chair for another two-year term.
NEWLY ELECTED DNC CHAIR PLEDGES '50 STATE' STRATEGY
The DNC is also flush with money.
The once-cash starved national party committee started 2021 with nearly $39 million in the bank, and just $3.1 million in debt. Roughly another $40 million in leftover funds from its joint fundraising operation with Biden's presidential campaign is eventually headed toward the DNC’s coffers, which would boost its cash-on-hand total to nearly the amount the RNC currently has in the bank.
The DNC touted that it raised nearly $200 million last year, with almost the entire haul coming from grassroots donors. And the committee touted that it hauled in $13 million in December, its best December fundraising figure in its history. It also highlighted that it hauled in a record-breaking 4 million contributions from nearly 2 million donors.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Former DNC chair Tom Perez, who steered the party for the last four years, was succeeded last week by former South Carolina party chair and 2020 Senate nominee Jaime Harrison.