EXCLUSIVE — Former Chicago Mayor Rahm Emanuel has a stark warning for Democrats’ fundraising efforts as numbers start to trickle in from the second financial quarter.
In an interview with the Washington Examiner, Emanuel was emphatic when asked whether he was concerned about Democratic fundraising after former Vice President Kamala Harris raised a billion dollars before last year’s election, only to lose to President Donald Trump and end her campaign $20 million in debt.
“Yes!” he said.
Emanuel, who specialized in fundraising in his home state of Illinois before becoming finance committee director of former President Bill Clinton‘s 1992 presidential campaign, clarified that although Democrats have “historically” done well raising money, that was prior to Trump’s second term.
“I saw the other day that Trump’s PAC has like $1.6 billion in it,” he said. “I do believe we’ll have the resources we need. It’s whether you have the resources you need based on what the other side also has.”
Emanuel, a White House senior adviser and political affairs director to Clinton, a former Illinois congressman, a one-time Democratic Congressional Campaign Committee chairman, former President Barack Obama‘s first White House chief of staff, and former President Joe Biden‘s ambassador to Japan, famously encouraged Clinton to fundraise before the 1992 New Hampshire primary, ensuring the then-Arkansas governor had enough money as his presidential aspirations were undercut by Gennifer Flowers’ claims she had a sexual encounter with him.
Emanuel’s comments came after Trump’s political operation last month confirmed the president had secured $1.4 billion in “commitments” since last November, including the Republican National Committee‘s cash on hand, to spend on next year’s midterm elections and protect GOP congressional majorities.
“After securing a historic victory in his reelection campaign in 2024, President Trump has continued to break records, including fundraising numbers that have positioned him to be an even more dominant force going into the midterms and beyond,” Trump senior adviser and national finance director Meredith O’Rourke told Fox News at the time.
Trump also raised a record-breaking $239 million for his inauguration last January, with legal settlements with Meta and ABC providing $37 million for his presidential library.
For comparison, the RNC embarked on June with about $72.4 million cash on hand, while the Democratic National Committee had $15 million as it experienced internal drama with now former vice chairmen David Hogg and Malcolm Kenyatta. At the same time, the DNC reported raising $40 million in individual donations since Ken Martin became chairman in February, $3 million more than the corresponding period during 2021 under Martin’s predecessor, Jaime Harrison.
Simultaneously, the DNC has tried to convey confidence, announcing on Tuesday that it will invest $1.5 million in Virginia before this November’s off-year elections and New Jersey, in addition to the 2026 midterm contests.
“From Elon Musk destroying the livelihoods of thousands of Virginians through DOGE, to Donald Trump and Virginia Republicans kicking 323,000 Virginians off their health insurance, to Glenn Youngkin and state Republicans leading Virginia to fall in the rankings of the top states for business, Republicans have utterly failed the commonwealth,” Martin told reporters. “This investment will aid strong Democratic leaders like Abigail Spanberger, Ghazala Hashmi, and Jay Jones and turbocharge organizing efforts while building Democratic infrastructure that will help support Democratic victories all across the ballot.”
Obama helped the DNC fundraise last week, addressing a finance event in New Jersey last Friday attended by the state’s Democratic gubernatorial nominee, Rep. Mikie Sherrill (D-NJ).
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“Stop looking for the quick fix,” Obama said. “Stop looking for the Messiah. You have great candidates running races right now. Support those candidates. Get Mikie elected Governor. Win Virginia. Make sure that the DNC has what it needs to compete in what will be a more data-driven, more social media-driven cycle, which will cost some money and expertise and time.”
The Federal Election Commission‘s financial disclosure deadline for campaign committees filing on a quarterly basis is July 15, unless they are doing so electronically. Trump’s political operation has a different disclosure timetable, with his documents not due until the end of the month.