McCarthy sets new fundraising record to boost House GOP’s majority

The Speaker is looking to inject much-needed cash to expand the narrow majority Republicans hold in the House of Representatives.

After a lengthy fight to secure the gavel, House Speaker Kevin McCarthy set a new fundraising record for Republicans in the first quarter of 2023.

The new Speaker announced he completed a $35 million haul to kick off the 2024 election cycle. His previous record was $31.5 million raised in the first quarter of 2022.

Driving the news: The Speaker, known for his fundraising prowess, personally raised $150 million in the last election cycle to help Republicans regain the House majority.

  • The GOP currently holds a narrow 222-213 majority in the House, and Democrats need a net gain of just five seats to take back control of the chamber in the next elections.
  • McCarthy has vowed to expand the Republican majority in the House in 2024 and expressed his gratitude to supporters for their “historic generosity”.
  • McCarthy faced a challenging re-election for the Speaker’s gavel at the beginning of the year, with nominal donations received during the process.
  • However, he made up for lost time and raised over $400,000 per day on average once he became Speaker. His team also reported a spike in grassroots support, with roughly $3 million coming from nearly 150,000 contributions from small-dollar online donors from all 50 states.
  • McCarthy’s aides say that he spent 37 days on the road during the first quarter, visiting eight states to fundraise and assist candidates in launching their respective campaigns.
  • The Speaker distributed $4 million to House Republicans facing challenging re-elections in 2024 and transferred another $7 million to the National Republican Congressional Committee, the House GOP’s campaign arm.

What he’s saying: “When we took back the House majority we promised to follow through on our Commitment to America, get our nation back on track, and hold the Biden Administration accountable,” McCarthy said in a statement. “We have kept our word. Our united conference is changing Congress for the better and the American people are taking notice. I want to thank our supporters for their historic generosity as we begin our mission to expand the House Republican majority in 2024.”

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