My take has been this is an earnings year. Their war chest is laughably small next to the republican earnings.

If you look at their expenditures it doesn’t look like someone who is trying to win. It looks to me like someone who is saving for the next fight. They are not holding any conventions and their outreach seems pretty minimal. I’ve seen one Facebook ad! I’ve had numerous text campaigns. SMS is cheap.

They just need to specify the funds are for the next election and they can sit on it for three years.