Nobody else cracked $3 million in the bank. Sen. Susan Collins (R-Maine), the only Republican up in a state that Donald Trump lost in 2024, ended the year with $2.6 million after raising less than $300,000 in the fourth quarter. Sen. Thom Tillis (R-N.C.) raised just over $900,000 but that only brought his war chest to $2.2 million. Sen.Jeanne Shaheen (D-N.H.), who represents a reach state for Republicans, raised a measly $170,000 and ended with a stockpile of $1.5 million. It’s still early but so far neither party is starting with a particularly strong financial edge. The filings left some primary tea leaves Sen. Bill Cassidy (R-La.) doesn’t represent a competitive state. But he and Collins are the two senators up in 2026 who voted to convict Trump during his second impeachment trial — and Cassidy has already drawn a primary challenger. He appears to be taking the threat seriously, raising nearly $850,000 last quarter and banking nearly $6.6 million. Sen. Joni Ernst (R-Iowa), another incumbent up in 2026 who has drawn the ire of MAGA Republicans, ended the year with just $2.4 million. Over in Illinois, Democratic Rep. Raja Krishnamoorthi, who has long been preparing for an eventual Senate bid, has a whopping $17.1 million banked. Many Democrats suspect Sen. Dick Durbin (D-Ill.) will retire this cycle, leaving open a rare Senate seat in deep blue Illinois. Krishnamoorthi’s massive bank account will leave him well-positioned to rev up a campaign. Senators still have months to turbocharge their fundraising. But strong early numbers can help deter certain threats from materializing and can make a huge difference. Congressional Democratic groups had more post-election debt It’s normal for party committees to incur large debts as they spend frantically in the final weeks before the midterms. But Democrats are starting the cycle with slightly more of it than their GOP counterparts. Both the Democratic House and Senate campaign arms owe $20 million each. That’s only slightly more than their GOP counterparts. The National Republican Congressional Committee owes $17 million and the National Republican Senatorial Committee owes $15 million. The real disparity comes from the super PACs. The Senate Leadership Fund and the Congressional Leadership Fund, the two groups endorsed by GOP leaders, started 2025 with no debt. The Democratic-aligned House Majority PAC had only a little debt ($31,000) but the Senate Majority PAC had the most with $25 million. These groups will have to begin paying down their debt before they can begin stockpiling in earnest for the midterms. The Democratic Congressional Campaign Committee has a head start there. It ended with $24.2 million on hand, more than its debt. The NRCC and the Democratic Senatorial Campaign Committee both had over $11 million. SMP ended with $9.2 million. No one else had more than $6.1 million. Happy Monday. You can reach me at amutnick@politico.com and @allymutnick. Days until the 2025 election: 274 Want to receive this newsletter every weekday? Subscribe to POLITICO Pro. You’ll also receive daily policy news and other intelligence you need to act on the day’s biggest stories.
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