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Republican super PACs outraise Democratic rivals

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The U.S. Capitol, Washington, D.C., U.S.A, Monday, January 31, 2022

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The Republican-led superPACs raised more than their Democratic counterparts during the second half of 2013, giving them greater financial power ahead of next year’s midterm elections.

The Democrats hold a small majority in each house of Congress. Republicans, however, are preparing to flip both the Senate and House during the midterms.

The Republican-affiliated Senate Leadership Fund and Congressional Leadership Fund raised over $90 million combined in the back half of 2021, according to Federal Election Commission records. These two organizations, though not connected, each had more than $100 million in their accounts at the beginning of this year.

The Democratic side saw the House Majority PAC raising over $65million and the Senate Majority PAC raising more than $70million, according to records.

These PACs have the ability to raise unlimited amounts of money. FEC disclosures do not reflect the amount of money raised by affiliate nonprofit organizations.

The GOP’s high fundraising numbers are a major obstacle to Democratic candidates and leaders. This is especially true as the party’s agenda remains stagnant. During midterm elections, the president’s party often loses seats in Congress.

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People with direct knowledge have learned that some top political donors told the House Speaker Nancy Pelosi and Senate Majority leader Chuck Schumer privately that they would not donate any more money to President Joe Biden’s $1.75 billion climate and social spending plan. The Zoom conversation between these individuals was private and they declined to give their names.

The legislation was passed by the House, but it has been stalled in Senate. Sen. Joe Manchin, D-W.Va. He said December in December that he didn’t support the measure and effectively ended it. Manchin would be required to cast his vote in order for the Senate to approve it.

Pelosi’s aide refuted the claim that the House speaker was threatened by donors. “Simply untrue. “Not aware of any donor communicating this,” an aide said to CNBC via email Tuesday.

Schumer’s representative didn’t respond to my request before the publication of this story.

Support for background

One Nation donated $14 Million to the Senate Leadership Fund, which is Republican-backed. This was one of the highest contributions to this fund in the second quarter last year. One Nation, which is similar to the Senate Leadership Fund, is also run by Senate Minority Leader Mitch McConnell of Kentucky.

Ken Griffin, Citadel’s CEO, gave $5 Million to the Senate Leadership Fund. Another $10,000,000 was donated to the Congressional Leadership Fund. The Koch industries and Fossil Fuel giant Chevron each donated $500,000 to their respective Congressional Leadership Funds. They are owned by the liberty-leaning Koch Family.

Large checks are also made by non-profits for Democratic Political Action Committees.

Majority Forward, House Majority,Two nonprofits that are affiliated with both the Senate Majority PAC (and the House Majority PAC) have combined their efforts to donate more than $12 million to these groups.

Silicon Valley investors Reid Hoffman and Ron Conway were also major donors to House Majority PAC in recent months. They gave an average of $1.4 million each, while Ron Conway contributed $250,000 over the last three months. Fred Eychaner from Chicago donated $4 Million to Senate Majority PAC.

Public disclosure of donors is not possible for nonprofits that funded the GOP or Democratic superPACs in 2017.

Republican financiers meanwhile said that they are optimistic as Election Day draws near.

Eric Levine (an attorney) told CNBC that GOP business executives, in particular, view the midterms as possible checks on Biden.

Levine spoke out about a possible Republican takeover in Congress, saying “It stops him from his agenda.”

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