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Democrats in Virginia have a hefty fundraising advantage heading into November general election

Democrats in Virginia have a hefty fundraising advantage heading into November general election

RICHMOND, Va. — Democrats in Virginia have built up a hefty fundraising advantage for their effort to reclaim the governor's mansion in a November election that is seen as a bellwether for the party in power in Washington ahead of the 2026 midterms.
Democrat Abigail Spanberger, a former CIA spy turned congresswoman, has a more than 2-to-1 fundraising advantage over her GOP opponent for governor, Lt. Gov. Winsome Earle-Sears, who has struggled to draw support from her fellow Republicans. Both were unopposed for their party's nominations and were able to focus on the fall general election without having to overcome a challenge in this week's primaries. The match-up means Virginia is all but certain to elect the state's first female governor.
Spanberger has amassed $6.5 million toward her campaign for governor over the last two months after raising $6.7 million between January and March, according to the nonpartisan Virginia Public Access Project. Combined with the money Spanberger raised in 2024, she has gathered $22.8 million and still has $14.3 million in her coffers.
Earle-Sears, meanwhile, spent more than she earned between April and June, bringing in $3.5 million and spending $4.6 million. Between January and March, she also raised a little over $3.1 million. In total, she has raked in nearly $9.2 million since launching her campaign last September. Now, she has a little under $3 million in the bank, according to Virginia Public Access Project data.
In a statement, Earle-Sears' campaign said the candidate is putting forward a message for Virginians that money can't buy.
'Clearly the Spanberger campaign needs a lot of help attempting to erase Abigail's bad voting record on issues that actually matter to Virginians,' press secretary Peyton Vogel said in an email. 'This race isn't being bought — it's being built on a message that matters.'
Virginia is one of two states, along with New Jersey, that host statewide elections this year. The contests will be closely watched as a measure of whether voters in the shadow of Washington will embrace President Trump's aggressive effort to overhaul the federal government, or be repelled by it.
Democrats' outsized fundraising lead ahead of the primaries may reflect local Democratic enthusiasm and the party's ability to push people to the polls in light of Trump being in office. Mark J. Rozell, dean of George Mason University's Schar School of Policy and Government, also referenced the noticeable frostiness among leading state Republicans. The party's statewide nominees have yet to campaign together, despite securing their nominations at the end of April.
'Enthusiasm drives fundraising and in Virginia right now the Democrats' voting base has much greater enthusiasm' than Republicans, Rozell said. 'It is reminiscent of Trump's first term in office when Democratic fundraising and ultimately voting overwhelmed the Republicans in Virginia.'
Money does not guarantee success, however. In the last Virginia governor's race, former Gov. Terry McAuliffe outspent Republican Glenn Youngkin, who had invested $20 million of his own money in the race. Youngkin still clinched the election by nearly two points.
Youngkin, who is term-limited from seeking reelection, has offered more than $21,000 in support to Earle-Sears through his political action committee.
When asked whether he would donate more, his PAC responded, 'Governor Youngkin is working to elect the entire GOP ticket and is urging all Virginians to support the commonsense team this November to keep Virginia winning.'
The Democrats' fundraising advantage isn't confined to the governor's race.
State Sen. Ghazala Hashmi, who eked out a primary win in a close three-way contest for lieutenant governor, raised nearly $1.8 million in her primary race and has $462,000 remaining.
The Republican nominee, conservative talk-radio host John Reid, raised nearly $312,000 since launching his campaign and has $116,000 remaining.
The only statewide GOP candidate with a fundraising lead, incumbent Attorney General Jason Miyares, has $2.3 million in the bank after raising a total of $4.6 million. His Democratic opponent, Jay Jones, has raised $2.7 million. He had about $493,000 left at the beginning of June, reports show.
This year, all three Democratic statewide candidates are backed by Clean Virginia, a political group that pushes for clean energy and often takes on legislative challenges against Dominion Energy, Virginia's largest utility.
The two groups are some of the most influential entities lobbying on state politics and policy. With energy demand likely to be a key issue in November, their influence could be significant.
According to the nonpartisan public-access group, Spanberger has taken in $465,000 from the environmental organization. On Tuesday, Clean Virginia endorsed Hashmi's candidacy for lieutenant governor, following its previous donations to her state Senate campaign committee.
During his campaign, Jones also received $1.5 million from Clean Virginia, while his primary opponent, Democrat Shannon Taylor, accepted $800,000 from Dominion Energy between 2024 and 2025. Clean Virginia released attack ads targeting Taylor for accepting Dominion money.
The energy utility has become entangled in other statewide battles. On the Republican ticket, Earle-Sears accepted $50,000 from Dominion in March. Miyares also gained $450,000 from the utility so far this year.
Clean Virginia has donated to both Democrats and Republicans, including to candidates running for the House of Delegates, where all 100 members are up for reelection in November.
Democrats who control the legislature are hoping to keep or expand their thin majority and amend the state's Constitution to protect rights to voting, marriage equality and abortion.
Democratic candidates have raised about $16.9 million in those races, with $3.2 million stemming from House Speaker Don Scott.
Meanwhile, Republicans have raised $8.8 million, with former Minority Leader Todd Gilbert earning over $643,000, and newly tapped Minority Leader Terry Kilgore raising nearly $470,000.
Diaz writes for the Associated Press.
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European leaders rally behind Ukraine ahead of Trump-Putin meeting
European leaders rally behind Ukraine ahead of Trump-Putin meeting

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European leaders rally behind Ukraine ahead of Trump-Putin meeting

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Cornyn leans into Texas redistricting fight amid uphill reelection bid
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Cornyn leans into Texas redistricting fight amid uphill reelection bid

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'In campaigns like this, you don't get to control events. You can only control how you react and respond to them,' he continued. 'This is exactly the kind of thing he needs.' Cornyn's allies have touted the senator's move. The National Republican Senatorial Committee (NRSC) rolled out a digital ad titled 'Cornyn Fights–Paxton Folds.' The incumbent senator and his allies have also taken a number of swipes at Paxton in the process, pointing out that the state attorney general was in Europe as the redistricting battle erupted. Paxton had previously traveled to Scotland at the end of July and met with Trump during the president's trip to his Turnberry golf course. 'Memo to @kenpaxtontx:Hey, Ken. Are you in the office today? It's kind of important. Let me know if you need the off the golf course in Scotland and do your job. President Trump and Governor Abbott need a focused AG. For once,' Cornyn said in a post on X earlier this week. 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Analyst expects gold to fall off the 'Wall of Worry'
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More investing: Analyst says popular meme stock is worth less than zeroVeteran fund manager turns heads with Palantir stock price targetTop analyst sends Apple CEO bold message about its future And while buying gold now – or stocks, for that matter – can feel a bit like showing up late to the party, most industry watchers are suggesting that full-steam ahead is more likely than some reversion to the mean. While there is no shortage of caution and nervousness, there is no widespread call for recession even into 2025. Plenty of market observers saying that rate cuts (whenever they start) and the economic benefits of deregulation – the next big component of President Trump's economic plan – will offset the headwinds to keep things moving forward, albeit moderately. And plenty of gold analysts make a case for the gold rally to continue. "This gold bull market might be a little bit old in the tooth … it started in 2016," said Thomas Winmill, manager of the Midas Discovery Fund (MIDSX) , in an interview on the August 4 edition of "Money Life with Chuck Jaffe." "It's up over 300% in those nine years. That has not happened very often. The average bull market for gold is about 53 months, according to my research, and this is over 110, almost twice the normal length." Related: Veteran strategist unveils updated gold price forecast Still, Winmill insisted gold is not overpriced: "If you adjust the former high, which was reached back in 1988, for inflation, we're actually below that high, which inflation-adjusted would be about $3,500 an ounce." "The basket of gold stocks represented by the Gold Bugs Index hit a high of 600 in August of 2011 when the gold price hit 1800," Winmill added, "and that index is well below that now, in the 400 range, about 430. So, on that score, we've got 50% to go in gold stocks." On the other side of that trade is veteran commodities and futures analyst Carley Garner, senior strategist at DeCarley Trading, who said in an interview from the August 5 edition of "Money Life" that it's a "sell-the-rallies market in both gold and silver, and the reason I think that is I believe the U.S. dollar has bottomed, and I think it will continue to work its way higher." Garner said that move in the dollar changes the landscape for a lot of commodities, but particularly the metals, and especially in times when gold "is probably the most volatile it's ever been." It's not the volatility that concerns Garner so much as the price, especially because, she said, "A lot of people are putting money in gold just because it's going up." "But I've lived through 2011," she added, "and I remember all of the same stories that are circulating in gold, all the reasons to buy it. 'The central banks are buying this and that. You can't trust the dollar,' so on and so forth. "All of those things were narratives in 2011, and gold topped, and then took a 50% haircut, and it took a decade to get back." Garner added that a 50% haircut is not just a possible scenario, but also "might actually be what could be around the corner." Garner noted that she isn't trying to predict anything, but rather is reading the probabilities. While her take on gold is sour, her take on the stock market isn't much better, with a probability of being much lower than current levels before it can trade significantly above them. She noted a trend line in the monthly chart of the S&P 500 futures, looking at high points, that "comes in right around 6,000 [on the S&P index]. So can we go above 6500? Sure. But the odds that we see higher than that here in the next handful of months, are pretty slim. A more likely scenario is we get continuation of the consolidation or the pullback. But the problem is, I don't see any good support on a monthly chart until we get into the low 5000s." In her personal portfolio, Garner noted that she is heavily overweight Treasury securities. She has used this strategy before to ride out rough patches until the market made her more optimistic. "Treasuries, regardless of where you look at the curve, are paying 4% to 5%," Garner said. "And if you hold expiration, you get that money.…So I'm just playing the odds here. And the odds are Treasuries are [a] much better buy than stocks." Related: Legendary Wall Street forecaster Bob Doll is having his best year The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.

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