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WORLD NEWS

U.S. Democratic Fundraising Arm Outraises Republican Counterpart in July | Top News

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WASHINGTON (Reuters) – The fundraising arm of the U.S. Democratic Party raised more money in July than its Republican counterpart, helped by big contributions from billionaire donors including investor George Soros and former Google Chief Executive Eric Schmidt.

Disclosures filed on Friday with the Federal Election Commission showed the Democratic National Committee raised about $13.1 million last month, above the $12.9 million raised by the Republican National Committee.

Raising more money does not necessarily translate into Election Day victory, but a big bank account helps U.S. parties support their candidates’ campaigns and pays for ads and polling.

Democrats have narrow majorities in the U.S. Senate and the House of Representatives, and losing control of either in the November 2022 contests would be a blow to Democratic President Joe Biden’s agenda.

Soros, a famed investor and a bogeyman of conservatives due to his status as a major donor for liberal causes, gave the DNC at least $250,000 in July.

While the DNC has raised slightly more than the RNC this year, Republicans have been spending money more aggressively.

It also spent more in July, shelling out $1 million to JDB Marketing Inc, a Mount Pleasant, South Carolina firm that specializes in direct mail fundraising.

(Reporting by Jason Lange; editing by Jane Wardell)

Copyright 2021 Thomson Reuters.

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