Tipsheet

Cash Strapped: DNC Takes Out $15 Million Loan to Keep the Lights On

Amy Curtis
Amy Curtis  |  November 21, 2025 3:45 PM

Is the Democratic National Convention broke? It sure seems that way, as the DNC just took out a $15 million loan to shore up the party's finances ahead of a rough midterm battle.

Here's more:

The Democratic National Committee took out a $15 million loan last month to replenish its shrunken coffers before elections in Virginia and New Jersey and to keep operations fully funded entering 2026, according to party officials and documents reviewed by The New York Times.

Tapping a line of credit outside the crucible of a midterm or presidential election year is unusual for a major party committee, and it is the latest sign of financial distress for the official arm of the Democratic Party.

The D.N.C. entered November with $18.3 million on hand — $15 million of which came from the loan.

By contrast, the Republican National Committee entered November with $91.2 million in the bank and no debts.

That's not good at all for the Democrats.

We're not sure where Tarlov got those numbers, but it doesn't matter. The Kennedy Center donations are still outpacing the DNC.

The Democrats spent over $1 billion to elect Kamala Harris and they failed.

And they're sitting on $20 million in debt. The Republican Party, as The New York Times reported, has no debts.

Democrats don't think the message is the problem. They think the messaging is the problem.

Surprisingly, they didn't borrow more.

This leads us to wonder whether the USAID shutdown damaged the Democrats more than we realized. 

It would explain why Democrats were hysterical over the USAID cuts. It's not because they cared about gay rights in Ecuador or transgender bees. They were using USAID to pass money around to their pet organizations and — likely — getting something in return. 

It doesn't seem coincidental that the DNC is in the red after USAID was shuttered.