House Money

Continuing our analysis of the First Quarter 2023 campaign finance numbers, today we look at the US House filings.

The Daily Kos Elections statistical unit completed the study that serves as the data source for today’s Update.

A rounded total of $137,336,000 was cumulatively raised during the January 1 – March 31 period from 469 House incumbents and early 2024 candidates. As usual, the cash-on-hand category is the most important financial point because it identifies the total quantity of available resources that each campaign possesses at this point in the election cycle.

Two House incumbents have more than $10 million in the bank. Rep. Josh Gottheimer (D-NJ) leads all House members and candidates in the cash-on-hand category, reporting a whopping $14.223 million in his campaign account. In second place is Illinois Rep. Raja Krishnamoorthi (D-Schaumburg) with an almost equally impressive $12.372 million.

Three more members have between $7 and $8 million cash-on-hand: Reps. Jim Jordan (R-OH), Ro Khanna (D-CA), and Speaker Kevin McCarthy (R-CA). Another 38 members hold between $7.6 and $2 million. All totaled, 103 House members and one candidate – CO-3 challenger Adam Frisch (D) – hold more than $1 million in their campaign accounts as the 1st quarter off-year accounting period came to a close. An additional six fell between $1,000 to 17,000 of also hitting the $1 million mark.

The mean average cash-on-hand figure for all 469 House members and candidates was $834,955. The median average is rounded to $475,000. Therefore, with the point where half the members and candidates exceed the $475,000 figure while the other half do not tells us that the 104 members and candidate who hold more than $1 million have extraordinarily high cash balances. In fact, the mean average cash-on-hand figure just for the 104 members and Mr. Frisch who break the $1 million threshold is a very high $2.359 million.

As we have stated several times about the coming elections, the House Republican majority is reliant upon their 2022 members over-performing the redistricting map in California and New York by four seats apiece. Therefore, let’s take a look at how each of these members are doing in relation to 2024 campaign preparation.

The eight Republican members who hold Democratic seats in these most Democratic of states are, first from California: Reps. John Duarte, David Valadao, Mike Garcia, and Michelle Steel. From New York, the GOP members sitting in Democratic seats are: Reps. George Santos, Anthony D’Esposito, Mike Lawler, and Brandon Williams.

Not surprisingly, the member in the worst shape, reporting only $25,000 cash-on-hand, is Rep. Santos. The top fundraiser in this group as it relates to maintaining cash resources is California’s Michelle Steel at a rounded $1.015 million. New York Rep. Mike Lawler is next with $738,000 in the bank, followed by Reps. Garcia ($723,000), D’Esposito ($589,000), Duarte ($513,000), Williams ($479,000), and Valadao ($436,000).

Therefore, with the exception of Rep. Santos, the most vulnerable Republicans have begun their 2024 fundraising in credible fashion.

The most vulnerable Democrats in the statistically most competitive seats record the following cash-on-hand totals, which are generally less consistent than their Republican counterparts.

They are: Reps. Yadira Caraveo (CO-8; $293,000), Marie Glusenkamp Perez (WA-3; $661,000), Jared Golden (ME-2; $239,000), Jahana Hayes (CT-5; $499,000), Matt Cartwright (PA-17; $474,000), Gabe Vasquez (NM-2; $303,000), and Susan Wild (PA-7; $423,000).


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