I spoke to POLITICO‘s James Arkin about Senate Democrats’ monster Q3 fundraising haul and the implications for the GOP’s eroding fortunes in the upper chamber.

For some Republicans, the money is exacerbating broader issues as the party battles to hold the majority: Trump’s sagging poll numbers, an environment tilted against them, and a map with more and more incumbents under duress and only two legitimate offensive opportunities.

“It’s red alert at this point,” said Liam Donovan, a lobbyist who said Republicans are “spooked” by the current environment. “I don’t think anyone has written off the Senate, but everyone knows the snapshot in time is pretty bleak and things need to stabilize pretty quickly.”

Read the full piece here.

I spoke to Matthew Knott of the Sydney (Australia) Morning Herald about the state of the race and the implications of the President’s recent diagnosis for his campaign.

Liam Donovan, a Republican lobbyist, says there is “genuine fear” among conservatives about the state of the race just 25 days out from election day.

“We’re running out of known events that can shift things,” he says. “There is a tinge of desperation in every video Trump has put out and the phone interviews he has given.”

Donovan says Trump’s decision not to participate in the second debate was a “power move that backfired” given he, rather than Biden, needs a game-changing development. The final debate, scheduled for October 22, is due to be held just a week-and-a-half before election day.

As well as time, the Trump campaign appears to be running out of money — a stunning development, given it began the year with a huge cash advantage over Biden.

An analysis by Politico this week found that Biden is out-advertising Trump in 72 out of 83 media markets where the campaigns are spending money, including in key states like Pennsylvania and Wisconsin.

Biden had the airwaves to himself in Iowa, Ohio, Texas and New Hampshire after the Trump campaign pulled down its advertising in those states, the TV tracking firm Advertising Analytics found.

“It’s an ominous sign,” Donovan says — both for the President and Republican senators in tough re-election fights.

You can read the full piece here.