In Competitive Senate Races, Democrats Lead Republicans by $36 Million in Cash: Filings

At the end of June, Democrats held a massive advantage over their Republican counterparts in the most tightly contested Senate races of 2024.

On June 15, principal campaign committees for Senate candidates reporting on a quarterly basis released Federal Election Commission disclosure forms covering April, May, and June. Those forms showed the Democrat candidates collectively held $36 million more in cash on hand than their closest Republican rivals.

According to the Cook Political Report—an independent, nonpartisan organization that analyzes elections and campaigns—the Senate races in Arizona, Michigan, Montana, Nevada, Ohio, Pennsylvania, and Wisconsin are expected to be the most competitive in November.

Arizona

On July 30, Arizonans will vote in Republican and Democratic Party primaries to determine who will run for Sen. Kyrsten Sinema’s (I-Ariz.) seat. Ms. Sinema, who was elected as a Democrat and renounced the party while in office, announced in March that she wasn’t running for reelection.

Rep. Ruben Gallego (D-Ariz.) is running unopposed on the Democrat ticket. Kari Lake, a former television news anchor and 2022 gubernatorial candidate, is the favorite to win the Republican Party’s nomination.

According to FEC filings, Mr. Gallego outraised Ms. Lake in the second quarter of 2024 and held far more cash on hand at the end of June.

The principal campaign committee, Gallego for Arizona, raised about $9.7 million during the quarter while spending $10.8 million. The campaign ended the quarter with $9.2 million in cash on hand.

Meanwhile, the principal campaign committee Kari Lake for Senate brought in about $3.7 million, used about $4 million, and closed June with about $2.8 million in cash on hand. Moreover, Ms. Lake’s committee owed about $810,000 to various vendors for services rendered during the reporting period.

Michigan

Michigan’s primary election will be held on Aug. 6. Candidates from both major parties are vying to fill the seat vacated by Sen. Debbie Stabenow (D-Mich.) in 2025.

Right now, emerging as a frontrunner in terms of fundraising is Rep. Elissa Slotkin (D-Mich.).

According to federal records, Ms. Slotkin ended June with about $9.6 million in cash on hand. During the second quarter, her principal campaign committee, Elissa Slotkin for Michigan, brought in about $5.6 million and spent about $5.45 million.

The most well-funded Republican rivals reported much smaller cash-on-hand amounts. Entrepreneur and economist Sandy Pensler’s committee said it had about $1.1 million in cash on hand at the end of June, while former U.S. Rep. Mike Rogers’s committee reported holding about $2.5 million.

Montana

On June 4, Montana voters gave the Republican nod to Navy veteran and businessman Tim Sheehy, setting up his challenge to three-term Sen. Jon Tester (D-Mont.) Mr. Tester is chairman of the Senate Veterans Affairs Committee.

According to federal records, Mr. Tester’s campaign holds more than $10 million in cash, while Mr. Sheehy has loaned $2.45 million of his personal funds to his campaign.

In the second quarter, Mr. Tester’s principal campaign committee, Montanans for Tester, raised about $5.6 million and disbursed $7.3 million. At the end of June, it reported about $10.9 million in cash on hand.

During the same three months, Mr. Sheehy’s principal campaign committee, Tim Sheehy for Montana, raised about $2 million while using about $2.1 million. It told the FEC it held about $3.2 million in cash on hand while owing about $2.5 million in debts and obligations.

Nevada

On June 11, Army veteran Sam Brown won the Republican Party’s primary in Nevada. He will face off against Sen. Jacky Rosen (D-Nev.). Ms. Rosen is seeking her second term in the upper chamber and previously represented the Silver State in the House.

Like other Republican challengers, Mr. Brown is at a cash disadvantage heading into the general election. According to the FEC, his principal campaign committee took in about $1.8 million while sending out $1.8 million.

The committee, Sam Brown for Nevada, said it ended June with about $3.1 million in cash on hand. According to federal records, it owed about $200,000 to various firms for direct mail services at the end of that month.

Ms. Rosen’s principal campaign committee, Rosen for Nevada, retained more than $9.5 million at the end of June, according to FEC records. The committee raised about $3.4 million and spent about $5.2 million during the second quarter. It reported that Ms. Rosen loaned $15,000 of her personal funds to the campaign during the quarter.

Ohio

In March, Colombian-American businessman Bernie Moreno won the Republican primary in Ohio. The entrepreneur, who is endorsed by former President Donald Trump, will run against incumbent Sen. Sherrod Brown (D-Ohio) in November.

Mr. Brown is one of the longest-serving politicians in Washington. His career there began in the House of Representatives in 1993, and he was first elected to the Senate in 2007. He chairs the Senate Banking Committee.

Among candidates running in the most competitive races of the year, Mr. Brown’s cash-on-hand total is surpassed only by Mr. Tester’s war chest in Montana. According to disclosure statements from the principal campaign committee, Friends of Sherrod Brown closed in June with about $10.7 million in cash on hand.

The same committee gathered about $10.3 million during the quarter and expended about $17.8 million.

Mr. Moreno’s committee, on the other hand, owes more than it has in the bank.

According to the FEC, Mr. Moreno’s principal campaign committee, Bernie Moreno for Senate, entered July with just under $4.5 million in cash on hand. It also told the FEC it owed Mr. Moreno $4.5 million. The candidate is lending that amount to the campaign from his personal funds and loans he has taken out.

In the second quarter, Bernie Moreno for Senate raised about $1.9 million and used about $1.7 million.

Pennsylvania

In Pennsylvania, Sen. Bob Casey (D-Pa.) will run against businessman Dave McCormick in his bid for a fourth term representing the Keystone State in the upper chamber. Mr. McCormick received the Republican nod in April after winning his party’s primary.

Like other GOP candidates, Mr. McCormick is using his funds to finance his campaign. According to the FEC, he has issued about $4.1 million in loans to his principal campaign committee, Friends of Dave McCormick, since December 2023.

Friends of Dave McCormick raised about $3.2 million and spent about $4.9 million in the second quarter of 2024. It closed the term with about $8 million in cash on hand.

Bob Casey for Senate Inc. ended June with about the same amount of cash, $8.4 million, but reported no debts to the FEC. The principal campaign committee took in about $6.5 million and spent about $11.4 million in the three months covered in the disclosures.

Wisconsin

Sen. Tammy Baldwin (D-Wis.), another high-ranking Democrat in the Senate, will likely run against Sunwest Bank CEO Eric Hovde. Ms. Baldwin, Secretary of the Senate Democratic Caucus, is running for a third term. Mr. Hovde, who is endorsed by former President Trump, is viewed as the favorite to win the Badger State’s Aug. 13 Republican primary.

Mr. Hovde’s campaign is highly leveraged, according to FEC disclosures.

Hovde for Wisconsin, the candidate’s principal campaign committee, owes $13 million in debts and other obligations. By comparison, the committee reported it started July with about $5.4 million in cash on hand.

Mr. Hovde is loaning his own money to the campaign. He’s loaned the committee all $13 million since February. The latest round, of $5 million, was issued on June 11.

In the second quarter, Hovde for Wisconsin earned $1.8 million and expended $7.2 million.

Ms. Baldwin’s principal campaign committee, Tammy Baldwin for Senate, closed the second quarter with about $7.3 million in cash on hand. The same committee told the FEC it raised about $6 million and spent about $10.4 million during the period.