There are moments in politics where rhetoric stops mattering, spin stops working, and even the media’s usual fog machine can’t cover what’s right in front of everyone. Money is one of those moments.

Not vibes. Not hashtags. Not street theater. Actual cash on hand and actual debt.

And by the end of 2025, the financial picture for America’s two major parties looks less like a rivalry and more like a bankruptcy court waiting room.

https://www.youtube.com/watch?v=KvUcUY1gPcg

Let’s start with the clean, indisputable numbers as reported by VoteHub and reflected in FEC filings.

At the start of 2025, the Republican National Committee held $38.1 million in cash and zero debt. The Democratic National Committee began with $22.1 million and also zero debt. Democrats were already behind, but not catastrophically so. At that moment, the story could have been framed as “competitive.”

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