WASHINGTON, D.C. – The National Republican Congressional Committee (NRCC) is facing financial challenges as it heads into a competitive election year, according to the latest report. At the end of October, the Republican campaign committee had $37.3 million in the bank, lagging behind its Democratic counterpart by about $10 million. This is a significant drop compared to 2021, when the NRCC had $67.7 million, and 2019, when it had $28.3 million.

The House was in a state of upheaval last month when Kevin McCarthy was stripped of the gavel on Oct. 3, leaving the position of House Speaker vacant for three weeks. The Republicans struggled to find a replacement for McCarthy until Mike Johnson (R-La.) was elected to the position on Oct. 25 after multiple unsuccessful candidates and votes.

The leadership turmoil also left Republicans without their top fundraiser. McCarthy, who has an extensive donor network, has been a formidable force in raising funds for the party. Johnson, on the other hand, did not have a strong track record in fundraising. However, following his election, the NRCC reported its strongest online fundraising of the cycle.

In terms of fundraising, the NRCC has raised $23.2 million this year from individual donors, $16 million from PACs, and $15.3 million through joint fundraising committees. The majority of the joint fundraising committee contributions came from a McCarthy-affiliated committee, Protect the House 2024. However, this committee did not make any new transfers to the NRCC in October.

Johnson has wasted no time in building out his campaign finance infrastructure, launching a joint fundraising committee called Grow the Majority. This committee will fundraise on behalf of vulnerable incumbents, Republican challengers, the NRCC, the Congressional Leadership Fund, and others.

In October, the NRCC spent $3.8 million, with the largest expenses going towards digital consulting, payroll, and postage. Meanwhile, its Democratic rival, the Democratic Congressional Campaign Committee, brought in $8.1 million in October and has raised $101.3 million year-to-date.

Overall, the NRCC’s October fundraising was on par with the party committees in the upper chamber. The National Republican Senatorial Committee raised $5.4 million, while the Democratic Senatorial Campaign Committee brought in $5.3 million.

As the NRCC faces financial challenges and a changing leadership landscape, the upcoming election year is poised to be fiercely competitive.

This article was written in AP News Style to provide a comprehensive and clear understanding of the financial and leadership challenges facing the NRCC and its Democratic counterpart.