Democrats fear fundraising slump

WASHINGTON, Jan. 26 (UPI) -- Democratic fundraisers say they are bracing for a slump in contributions because of the souring U.S. economy.

Politico reported Monday that Democrats also fear that President Barack Obama's operation might also get money that would have otherwise gone to congressional candidates.

Obama's popularity could spur wealthy donors to give to the Democratic National Committee rather than to congressional committees.

"We never really had to compete with the DNC for major donors," a top Democratic strategist told Politico. "Now we have to compete with Obama. No one knows what that will be like."

The Washington publication reported that there is "concern" by some political fundraisers that the small donors who largely backed Obama's presidential candidacy could be hardest hit by the economic downturn, and will likely give less.

Politico said Republicans' fundraising could be worse that Democrats', especially after the bruising 2008 elections.

"It obviously has an impact," the National Republican Senatorial Committee chairman, Sen. John Cornyn, R-Texas, said of the worsening economy. "Some people were in business a year ago and now are not."