Federal Election Commission filings show the Democratic National Committee borrowed $15 million in October, a loan taken as the committee ended the month with $18.3 million in cash on hand.
The filing describes the loan as an unusually large amount this far from a major election.
More than $6 million of that spending went toward gubernatorial races in New Jersey and Virginia.
DNC Chair Jaime Harrison’s executive director, Sam Cornale, defended the decision to take on the loan.
“We can’t win elections or fight back against Trump if the DNC downsizes operations like it often does after a presidential cycle,” he said.
“I made a bet that investing early would build power, rack up wins and rally supporters back to the table. That bet is paying off.”
Party officials have pointed to victories in New Jersey and Virginia, though both states are traditionally Democratic.
The financial filings also reflect broader challenges inside the party’s fundraising operation.
Major donors have remained on the sidelines as the committee works to rebuild following the 2024 cycle.
According to Politico, the DNC has taken on debt in past cycles but not typically at this point in the timeline or at this size.
During President Trump’s first term, the DNC reported $3.2 million in debt in November 2017 and more than $7 million a few months later.
The committee has not reported more than $15 million in total debt since February 2014.
The DNC raised $7.5 million from donors in October.
That figure is close to what the committee raised in October 2021, but filings show donor participation slowed earlier in the year as the committee worked through outstanding obligations.
The party spent part of 2025 paying down expenses linked to Kamala Harris’s 2024 presidential campaign.
The committee covered $18 million in remaining campaign costs from that race.
Those payments, according to party officials, reduced funds available for organizing efforts ahead of the next cycle.
The Republican National Committee reported $86 million in cash reserves at the end of September with no debt.
The filings show a significant financial gap between the two national committees entering the next phase of the cycle.
The DNC’s October report lists the loan, spending totals, donor contributions, past debt comparisons, and payments on prior-cycle obligations as the committee continues its fundraising efforts heading into 2026.
