Good Sunday morning! Welcome to this edition of Under the Dome, your go-to newsletter all about the governor and political happenings in North Carolina. I’m Avi Bajpai, stepping in for Dawn Vaughan today, and I’ve got some interesting updates on campaign fundraising that you won’t want to miss.
The Race Isn’t on Yet, But the Money Is Rolling In
Even though Democratic Governor Josh Stein isn’t up for reelection for another three years, that hasn’t stopped his campaign from hitting the fundraising gas pedal hard. In the first six months of 2025, Stein’s campaign committee reported raising nearly $2.5 million.
Yes, you read that right — two and a half million in just half a year during an off-election year. That’s a lot of fuel for what promises to be a high-stakes political road ahead.
By comparison, some key Republican figures are also keeping their fundraising engines running but at different speeds. For instance, Republican Senate leader Phil Berger brought in over $1.7 million during the same timeframe. Meanwhile, the Republican House Speaker, Destin Hall, raised just under $750,000.
Among Democrats, Senate Leader Sydney Batch reported raising around $141,000, while House Leader Robert Reives pulled in just under $25,000. Clearly, fundraising totals vary widely, and the big guns are firing early.
More Leaders and Their Fundraising Numbers
Leadership positions in the legislature also reveal interesting fundraising dynamics:
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Senate Majority Leader Michael Lee, who took the reins as leader earlier this year, raised just under $234,000.
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House Majority Leader Brenden Jones managed nearly $75,000.
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Senate Rules Committee Chairman Bill Rabon reported raising about $39,000.
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House Rules Committee Chairman John Bell raised over $92,000.
On the Council of State side, the fundraising scene included:
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Democratic Attorney General Jeff Jackson, who raised around $587,000.
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Democratic Lt. Gov. Rachel Hunt, with nearly $133,000.
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Republican State Auditor Dave Boliek, whose campaign brought in just under $34,000.
These figures come from campaign finance reports covering January 1 through June 30, and they paint a picture of steady, aggressive fundraising — even when no major statewide elections are on the immediate horizon.
What’s Driving This Fundraising Frenzy?
Political fundraising in North Carolina is clearly heating up, and it’s only going to get more intense as we inch closer to next year’s big elections. Why? Because the 2026 cycle will include a U.S. Senate race that is already expected to be the most expensive Senate battle ever. On top of that, the fight for control in the North Carolina General Assembly is shaping up to be a crucial battle.
The Democrats are gunning to end the Republican "working supermajority" in the legislature — a coalition that has pushed through eight bills so far over Governor Stein’s vetoes. That political tension means every dollar counts, and campaigns are ramping up their war chests.
A Closer Look: Gov. Stein’s Fundraising and Spending Breakdown
Digging into Stein’s fundraising and spending, his latest report shows the campaign shelled out just over $1 million in operating expenses in the first half of the year. So where’s that money going?
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Digital advertising campaigns to get the message out
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Fundraising consultants helping to maximize contributions
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Direct mail efforts targeting voters
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Text messaging campaigns for quick, targeted communication
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Payroll for campaign staff keeping the operation running
Those core campaign expenses totaled $1 million. Add in other costs like donations to fellow candidates, political committees, in-kind contributions, and refunds or reimbursements, and the total campaign expenditures came to $1.6 million.
What about the incoming cash? Stein’s campaign raised about $2.5 million, with a mix of thousands of small-dollar donations and a sizable chunk coming from 170+ donors who maxed out their contributions at $6,800 each. Those max donations alone make up more than $1.1 million of the total haul.
Notably, Stein came into this period with a strong financial cushion — about $1.9 million still in the bank from the last election. By the end of June, his campaign reported having roughly $2.7 million in hand, giving the governor a solid financial foundation as the political battles ahead loom.
Why Off-Year Fundraising Matters
You might wonder why candidates bother raising so much money in off-years when elections aren’t even scheduled. The reason is simple: political campaigns are marathons, not sprints. Candidates need to keep their campaigns staffed, messaging consistent, and voter engagement high year-round to stay competitive.
Campaign finance reports like these are filed twice a year during off-election years — the “semi-annual” reports. This first report covers the period from January 1 through June 30 and was due at the State Board of Elections by July 25. The next one, covering the latter half of the year, will be due January 30, 2026.
Keeping a close eye on these reports gives us a sneak peek at who’s gaining momentum, who’s playing it safe, and who’s gearing up for a fierce fight.
The Road Ahead: What to Expect Next
As we head into 2026, the stakes will rise dramatically. The U.S. Senate race alone is expected to shatter fundraising records. Add to that the battle for control of the N.C. General Assembly, where Democrats are eager to chip away at the Republican supermajority, and you have a recipe for a politically charged year.
We’ll be watching closely to see how Governor Stein and his challengers navigate this intense landscape. Will Stein maintain his fundraising lead? Can Republicans narrow the gap? And what surprises will the smaller-dollar donors bring to the table?
Stay Connected with Under the Dome
Want to stay updated on all things North Carolina politics? Tune in to our Under the Dome podcast, released every Tuesday morning. This week, higher education reporter Korie Dean chats with our politics colleague Sophia Bailly about the Trump administration’s effects on international student enrollment, and what that could mean for colleges in North Carolina this fall. Their reporting dives deep into whether campuses might see fewer international students — a trend with major implications.
You can catch their full discussion and more fresh political insights every week on the podcast.
Key Takeaways at a Glance:
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Governor Josh Stein raised nearly $2.5 million in the first half of 2025 — a hefty sum for an off-election year.
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Republican leaders Phil Berger and Destin Hall raised $1.7 million and $750,000, respectively.
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Democrats Sydney Batch and Robert Reives raised significantly less, showing a fundraising gap.
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Governor Stein’s campaign spent $1.6 million on advertising, staff, and outreach.
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Over 170 donors maxed out contributions at $6,800, contributing over $1.1 million alone.
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The 2026 election cycle is expected to be one of the most expensive in N.C. history, with a key U.S. Senate race and legislative battles ahead.
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