Ten Democratic presidential campaigns spent more money than they raised during the second quarter of the year, a sign that the crowded field may start to dwindle in the coming months.
Despite raising an impressive $9.4 million in the first 18 days of his presidential campaign, former Texas congressman Beto O’Rourke raised just $3.6 million in the second quarter. He spent $5.3 million during the three-month period, leaving him with $5.2 million in cash on hand.
Several senators running for president, while they raised more than the spent, maintain a cushion due to first-quarter fundraising and transfers from their Senate campaign funds to presidential committees.
New York Sen. Kirsten Gillibrand raised nearly $2.3 million from April through June, but she spent over $4.2 million. She retains $8.2 million in cash on hand, down from $10.2 million at the beginning of the quarter, due to a $9.6 million transfer from her Senate campaign earlier in the year.
New Jersey Sen. Cory Booker brought in nearly $4.5 million and spent $5.3 million during the period. He has $5.4 million in cash on hand, leftover from his $5 million haul and a $2.75 million transfer in the first quarter.
Minnesota Sen. Amy Klobuchar raised almost $3.9 million while spending $4.1 million and has $6.7 million in cash on hand. She had raised $5.2 million and transferred $3.6 million in the first quarter.
Former Colorado Gov. John Hickenlooper, Hawaii Rep. Tulsi Gabbard, businessman Andrew Yang, Washington Gov. Jay Inslee, and author Marianne Williamson also all spent money faster than they raised it during the second quarter of the year.
Former Maryland Rep. John Delaney, a successful businessman before joining politics and a multimillionaire, has the starkest fundraising-to-spending ratio. His campaign spent nearly $11.2 million while it raised just $284,475, but thanks to $24 million in loans to his own campaign since its launch, he maintains $7.4 million in cash on hand.
None of the Democratic presidential candidates who raised more than they spent are in the top tier of polling or fundraising. California Rep. Eric Swalwell, who ended his presidential bid last week, had also spent nearly $1.2 million more than he raised during his brief presidential bid.
In addition to fundraising troubles, Democratic National Committee thresholds for the fall presidential primary debates could push some candidates to end their campaigns. Participation in the fall debates requires 130,000 individual donors and at least 2% support in four qualifying polls. With seven qualifying polls released so far, about half of the candidates have yet to register at 2% in a single one.
The Democrats aren’t alone in spending more than they raise. President Trump’s reelection campaign raised $8.7 million from individuals during the period but spent $10.5 million. The committee, though, transferred $1.8 million to the campaign, and he retains $56.7 million in cash on hand.
