Democrats outraised Republicans 5 to 1 in key Senate races in early October, FEC reports show

By Teresa Valdane

WASHINGTON — Democratic Senate candidates in the 11 most closely watched races raised about $63.5 million in the first two weeks of October, roughly five times the $12.5 million raised by their Republican opponents, according to pre-general election reports filed with the Federal Election Commission on Oct. 22.

The cash-on-hand picture is closer than the fundraising totals suggest. The 11 Democrats reported a combined $56.0 million in the bank on Oct. 14, compared with $28.0 million for the 11 Republicans, and Republican candidates held more cash than their opponents in three races: Michigan, Maine and Minnesota. Democrats also spent heavily, burning through $88.3 million in the two-week period, nearly three times the $29.8 million Republicans spent.

The Inquisitor’s analysis covers the principal campaign committees of the major-party nominees in Texas, Georgia, Ohio, Michigan, Kansas, Maine, Alaska, Iowa, North Carolina, New Hampshire and Minnesota. It does not include party committees, super PACs or other outside groups, which have played a large role in Senate contests this cycle. Each candidate figure below links to the filing itself.

Republicans hold a 53-47 Senate majority, and Democrats need a net gain of four seats to take control, according to an analysis of the RealClearPolitics averages. Election Day is Nov. 3.

The pre-general reports

The pre-general report, known on FEC forms as the 12G, covers activity from Oct. 1 through Oct. 14 and is the last full accounting of a campaign’s finances that voters will see before the election, under the commission’s 2026 reporting schedule. After that, candidates must file 48-hour notices for any contribution of $1,000 or more received less than 20 days but more than 48 hours before Election Day.

Texas Democrat James Talarico led every candidate in the analysis, raising $17.58 million in two weeks and spending $22.25 million. His committee reported $146.3 million in total receipts since the start of the campaign through Oct. 14, the largest sum of any Senate candidate in the group. His Republican opponent, Texas Attorney General Ken Paxton, raised $2.83 million during the period and reported $4.78 million in cash.

Georgia Sen. Jon Ossoff, the only Democratic incumbent in the group, raised $5.48 million and spent $16.61 million in the period while still finishing with $15.13 million in the bank, the largest cash balance of any candidate. His Republican challenger, Rep. Mike Collins, raised $422,000 and reported $1.09 million in cash.

Where Republicans hold the cash edge

The fundraising gap does not translate evenly into money available for the final weeks.

In Michigan, former Rep. Mike Rogers, the Republican nominee for an open seat, raised $2.45 million to Democrat Abdul El-Sayed’s $8.66 million, but finished the period with $3.90 million in cash compared with El-Sayed’s $2.73 million.

In Maine, Republican Sen. Susan Collins raised $1.09 million to Democrat Troy Jackson’s $5.21 million but ended the period with $2.69 million on hand. Jackson reported $1.60 million in cash and $701,000 in debts owed by his campaign, the largest debt figure among the 22 candidates.

Minnesota is the only race in the group where the Republican outraised the Democrat. Michele Tafoya, the former sportscaster running for the open seat, raised $2.84 million and reported $2.82 million in cash, compared with $1.26 million raised and $993,000 in cash for Democratic Lt. Gov. Peggy Flanagan. Tafoya’s committee reported $442,000 in debts.

In Ohio, the cash positions are nearly even. Democrat Sherrod Brown raised $6.72 million to Republican Sen. Jon Husted’s $686,000, but Brown finished with $4.45 million in the bank to Husted’s $4.24 million. Husted, who was appointed to the seat, is running in a special election.

Money and the polling averages

Fundraising totals are only one measure of a campaign’s strength, and several of the races where Democrats raised the most remain close in public polling. The RealClearPolitics averages as of Oct. 24 show Republicans narrowly ahead in Iowa and Kansas, where Democrats outraised them by margins of 6-to-1 and 10-to-1, respectively, during the period.

In Kansas, Republican Sen. Roger Marshall led Democrat Adam Hamilton 46.0% to 45.7% in the average. Marshall raised $540,000 in the period and reported $810,000 in cash, the smallest balance of any candidate in the group, while Hamilton raised $5.64 million and reported $2.87 million in cash.

In Iowa, where Republican Sen. Joni Ernst is retiring, Rep. Ashley Hinson led Democrat Josh Turek 46.1% to 45.5%. Hinson spent $5.43 million during the period, more than Turek’s $4.67 million, though she raised less, and finished with $2.17 million in cash to Turek’s $3.07 million.

In Alaska, Democrat Mary Peltola, a former House member, led Republican Sen. Dan Sullivan 49.4% to 48.2%. Peltola raised $4.26 million to Sullivan’s $347,000 and reported $4.10 million in cash to his $2.84 million.

The widest polling margins in the analysis are in North Carolina, where former Democratic Gov. Roy Cooper led former Republican National Committee Chairman Michael Whatley 50.6% to 40.7%, and in New Hampshire, where Democratic Rep. Chris Pappas led former Sen. John E. Sununu 49.5% to 43.0%. Cooper reported $9.09 million in cash, the third-largest balance in the group after Ossoff and Talarico, while Whatley reported $902,000.

In Georgia, which was not part of the RCP analysis, an Atlanta Journal-Constitution poll of 1,000 likely voters conducted Oct. 7-15 gave Ossoff an 8-point lead over Collins, 48% to 40%.

What the reports do not show

Candidate committee totals capture only part of the money in Senate races. Party committees such as the National Republican Senatorial Committee and the Democratic Senatorial Campaign Committee, as well as super PACs and nonprofit groups, can raise and spend unlimited sums on independent expenditures, which are reported separately to the FEC.

Cash on hand is also not the only measure of a campaign’s ability to compete: Rogers in Michigan, Collins in Maine and Tafoya in Minnesota each entered the final weeks with more money in the bank than their Democratic opponents despite raising less in early October.

Several Democratic campaigns also spent more than they raised during the period, drawing down their reserves. Talarico, Ossoff, Brown, El-Sayed, Hamilton, Jackson, Turek, Cooper, Pappas and Flanagan all reported disbursements exceeding receipts. Among Republicans, every candidate except Tafoya did the same, with Husted, Hinson and Sullivan spending several times what they raised.

Methodology

The Inquisitor retrieved each candidate’s principal campaign committee filings through the FEC’s public application programming interface and checked the totals against the reports filed on Oct. 22. Figures in the tables are rounded to the nearest $10,000. Totals for the 11 Democrats and 11 Republicans are sums of the period receipts, disbursements and ending cash reported on each committee’s pre-general report. In Minnesota, the analysis uses Flanagan, the Democratic nominee. The Iowa Republican committee is filed under the name Ashley Hinson Arenholz.

The Inquisitor is seeking comment from the National Republican Senatorial Committee, the Democratic Senatorial Campaign Committee, the Republican National Committee, the FEC press office and the Brennan Center for Justice and will update this story with any responses.