by Frank Holmes, reporter
In politics or personal affairs, most Americans believe, “What goes around comes around.”
First, the Democrats bankrupted America and now, they’re bankrupting themselves.
More than a year after losing every single swing state, Kamala Harris’ losing, cash-burning campaign is still dragging the Democratic Party down, according to an analysis of their financial records reviewed by The Horn News.
The former vice president’s 2024 presidential campaign left the Democratic Party so far in debt that the Democratic National Committee had to borrow $15 million in October.
That’s a shocking amount of money that shows the Democratic National Committee’s coffers are empty, according to the Federal Election Committee.
DNC Chair Ken Martin tried to spin the borrowing by saying it helped win elections for governor of Virginia (where Abigail Spanberger defeated Winsome Earle-Sears) and New Jersey (where Mikie Sherrill beat three-time loser Jack Ciattarelli).
But there are two problems with that claim.
First, the DNC spent only $3.2 million of the $15 million loan on those two races, and a piddling $175,000 for the Pennsylvania Supreme Court races.
Second, both Virginia and New Jersey lean heavily Democratic and have for decades. They both elect a Republican governor about once a decade. Winning in the Garden State or the D.C. suburbs is about as impressive as winning an election for mayor of New York City, where only an anti-American socialist like Zohran Mamdani matches the electorate.
The news is so bad that even The New York Times noticed, reporting: “Tapping a line of credit outside the crucible of a midterm or presidential election year is unusual for a major party committee, and it is the latest sign of financial distress for the official arm of the Democratic Party.”
On the other hand, reported the Times, the GOP had $91.2 million in its bank accounts and not a penny of debt.
Two things are worrying political insiders about the liberals’ loan dilemma.
As the Times alluded, the timing set off alarm bells. Going back to 2010, the Democratic Party has usually only taken out loans in the months before a midterm election—although Trump Derangement Syndrome drove Democrats into borrowing campaign funds more than a year out from the 2020 election.
But the sheer size of the Democratic debt also set tongues wagging.
“The DNC has not reported more than $15 million in total debt since February 2014,” noted Politico.
The political press was shocked—but not The Horn. We told you in July that the DNC had spent down its campaign funds and would probably have to borrow money to make it through the year. And we told you the Democrats’ 2024 presidential blowout bore most of the blame.
Kamala Harris raised a record-breaking $1 billion in her failed 2024 presidential campaign but, when the dust settled, the former vice president left the Democratic Party $20 million in debt, we reported.
For some reason, the Fake News media seem to want to hide Kamala Harris’ hand in the DNC’s cookie jar.
To its credit, The New York Times pointed out the huge Harris debt—four paragraphs from the bottom of the story: “The party has raised more than $81 million through the first 10 months of this year in direct donations, but a significant share has gone to paying off leftover bills from the Harris campaign,” reported the NYT. The DNC has been forced to pay off $18.4 million of Kamala’s debts sas of this September.
That averages out to more than $2 million a month—twice as much as the $1 million a month the DNC is sending to state Democratic Party affiliates in all 50 states combined.
“Last year I said Kamala’s campaign was $20 million in debt Democrats called me a liar. Turns out I was right,” posted Lindy Li, a former member of the DNC National Finance Committee, on social media.
“Where’s my ‘Sorry’?” she asked on Her Take, a female-led podcast.
If that’s not enough, Kamala Harris plans to shake down the Democratic Party for another $7 million in exchange for turning over the list of her supporters’ email addresses to the party.
Coincidentally, $7 million is exactly how much the DNC is receiving every month in donations, according to the Times.
“Donations are drying up right before the midterms,” said one popular conservative account on X. “Who knew you couldn’t keep the gravy train going based on hating Trump and blaming the president for your failures?! You deserve to fail.”
Polls that have Democrats shaking in their boots, because they show it’s not just conservatives who feel like the DNC deserves to go broke.
Last year I said Kamala’s campaign was $20 million in debt
Democrats called me a liar. Turns out I was right
I also said the DNC was broke
Democrats called me a liar again. Turns out they just took out a $15 million loan
Still awaiting my apology. @hertake_podcast pic.twitter.com/hJujhmEfkl
— Lindy Li (@lindyli) November 25, 2025
Two out of three registered voters had an unfavorable view of the Democratic Party as of September 14, according to YouGov.
The number of Democrats who say they’re “frustrated” with their party rose to 67 percent—up from half in 2019, according to a Pew Research Center poll released on October 30. That’s a 34 percent increase in six years. “In contrast, Republican frustration with the GOP is far lower than in 2021,” reports Pew.
The problem is “the Democratic Party has a problem … with its own voters,” states U.S. News and World Report. “Democrats need to find a way to energize their own voters if they’re going to retake the House.”
Democratic campaign advisers seem to think they can keep liberals engaged by ginning up hatred against President Donald Trump—who’s been laughing at their mounting problems for months.
“The Republican Party is doing really well,” President Trump posted on his social media accounts in August. “We have raised far more money than the Democrats, and are having a great time fixing all of the Country Destroying mistakes made by the Biden Administration, and watching the USA heal and prosper.”
The president added that he’s considering holding a national convention—the kind the parties usually hold before the presidential campaign—to kick off the 2026 midterm election season. That kind of convention does not appear to have ever occurred before.
Whether a historic midterm convention happens next year or not, two things are certain: President Trump will go down in history, and the Democratic Party are going down in debt.
That reality appears to be driving the DNC’s chairman into depression, according to a recent audio recording of the call obtained by The Horn.
“The other night I said to myself for the first time, I don’t know if I wanna do this anymore,” Ken Martin told his fellow Democratic officers in a May 15 Zoom meeting. “It’s really frustrating.”
For the RNC, it’s the opposite.
The Republican Party is doing really well. Millions of people have joined us in our quest to MAKE AMERICA, GREAT AGAIN. We won every aspect of the Presidential Election and, based on the great success we are having, are poised to WIN BIG IN THE MIDTERMS. We have raised far more…
— TrumpReposter (@TrumpReposter) August 28, 2025
But the Democrats have no one to blame but themselves. They spent four years lying about President Joe Biden’s health and vigor while running the autopen 24/7. Then they forced the incompetent Kamala Harris on their voters, powering her incompetent campaign with empty “vibes” of “joy,” possibly illegal paid celebrity endorsements, and deep debt.
Now they have to pay the price — and, as usual, they’re forcing someone else to foot the bill.
If Democrats treat their donors this way, what do you think they’ll do to taxpayers if they win the midterms?