The Republican Party is facing a financial crisis in the wake of major losses in the 2018 midterms, leading to a significant drop in political donations.
According to documents from the Federal Election Commission, Republican political committees raised just $51.1 million in January, representing a 40 percent drop from the same month a year ago.
The declines come after a wave of Democratic victories in the 2018 midterms, which saw the party flip 40 seats in the House of Representatives and gain control of the chamber.
This shift in control of Congress has created a sense of unease among Republican donors, many of whom are reportedly becoming increasingly wary of investing in the party’s future.
At the same time, many of the party’s major donors remain dissatisfied with President Donald Trump’s job performance.
The financial crisis has become so dire that the Republican National Committee (RNC) has been forced to take drastic measures to try to staunch the losses.
Recently, the RNC sent a letter to its major donors, asking them to commit to a significant financial investment.
In the letter, RNC Chairwoman Ronna McDaniel declared that “[s]imply put, if we don’t have the resources to fight back, it will be devastating for our party.”
The RNC is also reportedly pushing back on some of its major donors, encouraging large contributions and enforcing limits on donation amounts.
The party’s top donor, casino magnate Sheldon Adelson, has already indicated that he will continue to support the RNC at the same level as in previous elections, but other big donors remain wary about investing in what appears to be a party in decline.
Despite the Republican Party’s overwhelming political dominance, its financial earnings in the first few months of 2019 show clear signs that the party’s leadership is in a weakened state due to concerns among donors.
As worries mount over the health of the GOP’s finances, the party will undoubtedly have to take drastic measures to stop the bleeding and return to its former glory.