The race to elect the next Republican speaker of the House of Representatives is causing disruptions in the world of GOP fundraising, potentially impacting the party's strategy to maintain its majority. One faction of wealthy donors seeks revenge against the eight Republicans who voted with Democrats to remove former speaker Kevin McCarthy. These donors are encouraging others not to give or raise money for these members, including Rep. Matt Gaetz of Florida and Nancy Mace of South Carolina.
Another group of financiers wants to take on Republicans who opposed the top candidate to replace McCarthy, House Majority Leader Steve Scalise of Louisiana. These donors are also urging fellow contributors not to support these members financially. Scalise withdrew from the race after failing to secure enough support. Some influential donors want to rally around McCarthy again, noting his past success as a fundraiser for the party. Others are considering pausing campaign donations to House GOP, at least until the speaker's battle is resolved.
The loss of McCarthy, who has stated he does not plan to run for speaker again, could have a negative impact on fundraising efforts. McCarthy is reportedly prepared to withhold campaign funds from at least four House Republicans who voted to remove him as speaker. In the previous election, a joint fundraising committee led by McCarthy donated to four of the eight Republicans who later voted against him.
One of the recipients, Nancy Mace, received over $180,000 from the committee this cycle. However, it is unlikely that lawmakers who voted against McCarthy will receive further financial support from his allied committee. The situation has caused division among donors and uncertainty in the fundraising landscape for the Republican Party.