As of now, according to the Federal Elections Commission, the Democratic National Committee is in debt to the tune of $6,271,605.47. For the period between 2017-2018, total individual contributions to the DNC were $61,939,222.68, and its total cash on hand is $10,093,347.47. That is not good news for the party trying to rally momentum for a big “blue wave” this November.

The situation is so bad that DNC Chair Tom Perez went on C-SPAN last month to spin morale out of the Intensive Care Unit: “We raised more money in January, for instance, of 2018 than any January in our history,” he declared. “So if the question is, ‘Do we have enough money to implement our game plan?’ Absolutely.”

The Washington Post quickly gave that claim Two Pinocchios and the DNC itself reeled Perez back in. The funny math is a result of the DNC tallying its own contributions with the contributions to “joint fundraising committees.” It is meant to inflate the numbers for public consumption, but it certainly does not bode well for the health of the DNC.

Conversely, the Republican National Committee is carrying exactly zero debt. For the period between 2017-2018 total individual contributions were $117,736,603.49, mostly coming through donations to Donald Trump. The RNC’s total cash on hand is $42,442,530.73. In other words, it’s enjoying peak performance heading into the midterms.

The DNC had a horrible 2016, complete with ethical scandals and an embarrassing hack of its email. The enthusiasm in the party was with Bernie Sanders, and many of his supporters feel he was maligned by the leadership. The historic election defeat demoralized the Democrats, and fundraising receipts have never recovered. Last year saw the DNC tied to the genesis of the Russian Dossier.

It is no surprise that the Democrats’ brand took a hit, and they’ve been trying to get back on course ever since. Tom Perez and Bernie Sanders went on a “Unity Tour,” and last fall the DNC fired its top fundraiser, Emily Mellencamp Smith.

It is not time to celebrate for Republicans, though, as campaign coffers do not guarantee political victories. Hillary Clinton spent $565 million in the last election, compared to Donald Trump, who spent $322 million.

Factors like the president’s low approval rating and the effect of the tax cuts as well as the overall economy will also determine what happens next November. Certainly Democrats can be optimistic about their prospects for taking seats in the House of Representatives, but a lot can happen between now and Election Day. Whether the fundraising drought at the DNC is due to the residual trauma of the 2016 election loss or the lack of a cohesive party message, it’s tougher to implement any game plan on a shoestring budget.