Since being admonished by the Republican Party for his actions after the deadly Capitol riots, House Minority Leader Kevin McCarthy’s (R-Calif.) reputation has been on a precipitous downward spiral. Although the GOP has been able to maintain power with Democrats winning the House in 2020, Republican fundraising for the upcoming 2024 House elections is now in serious doubt.
The closure of McCarthy’s fundraising committees and retreat from frontline fundraising, and the potential that many of his top donors will consider giving to a different GOP figure has the party on edge. It also raises questions about the future of Republican finances moving forward, as McCarthy had been so successful in fundraising for the party that the GOP had largely relied on his donations for their campaigns.
McCarthy’s campaign finance filings reveal his committees raised around $8 million in the 2020 electoral cycle, according to federal election commission records, and his leadership PAC has raised millions more over the past two election cycles — numbers that are vital for the GOP’s efforts to raise funds for House elections in the future.
The party was greatly grateful to McCarthy’s efforts in the past, however with his diminished influence, Republicans are now uncertain about their ability to raise the money they need for the upcoming 2024 midterm elections. This is because of McCarthy’s questionable decisions to support former president Donald Trump’s lies about the election results and his delayed condemnation of the Capitol riots.
The loss of McCarthy as the top GOP fundraiser means the party might now have to rely on smaller donations from a more diverse donor base, and big donors looking for a safe haven are now more likely to turn to other face of the Republican Party such as Gov. Ron DeSantis of Florida or Team Ted Cruz from Texas.
This potential shift in donors could serve as a reality check to the Republican Party, forcing the GOP to accept that McCarthy’s actions have cast a shadow over its ability to have a successful fundraising season in the future. With the party potentially distancing itself from McCarthy’s recent missteps, the GOP is likely to become much more cautious in their attempts to court large donor contributions for the 2024 House elections.
