House Democrats and Democratic candidates have begun to dominate Republicans in fundraising as the 2024 election draws near, an Axios analysis has found.

Why it matters: It's a stark reversal of the consistent fundraising advantage vulnerable Republicans enjoyed over their Democratic counterparts last year.

By the numbers: Democratic incumbents, nominees and frontrunners in highly competitive House districts raised an average of $890,000 in the first three months of this year.

• Republican incumbents and candidates in that those districts raised on average just over $550,000 during the same time period.
• Of the top 20 fundraisers in competitive districts during the first quarter, just two were Republicans.

What we're hearing: Democratic operatives who spoke to Axios pointed to several factors that they believe turbo-charged their fundraising numbers.

• Ongoing chaos in the GOP-controlled House has continued to bedevil House Speaker Mike Johnson (R-La.) after the ouster of his predecessor.
• Former President Trump solidifying his status as the presumptive GOP presidential nominee and securing support from vulnerable Republicans.
• House Minority Leader Hakeem Jeffries (D-N.Y.) and the Democratic Congressional Campaign Committee out-raising Johnson and the National Republican Congressional Committee.
• Judicial rulings restricting access to abortion and fertility services spurring liberal grassroots energy and the post-Roe era. One House Democrat said they saw a "sharp spike" in fundraising after the Alabama IVF ruling.

What they're saying: "House Republicans are so beholden to the far-right that GOP donors have given up on protecting this do-nothing majority," said DCCC spokesperson Viet Shelton.

• "This latest quarter shows House Democrats and Democratic challengers have the momentum and resources needed to take back the House in November."

The other side: A Republican strategist working on House races argued the GOP is in a "good position," pointing to Republican incumbents having a $200,000 cash-on-hand advantage over their Democratic counterparts.

• "At the start of the cycle, we always knew we were never going to outraise the Democrats, but our goal is to keep it as close to parity as possible," the strategist said.
• NRCC spokesperson Will Reinert said House Republicans will "continue to stack the cash they'll need," adding, "This should leave House Democrats shaking in their boots as we expand the map to grow our majority."

Zoom in: One swing-district House Republican noted that Democrats "dumped a lot into their frontliners in Q1," whereas "we did that all of last year. "

• "It's a lot of party money and party donors," they said.