Democratic U.S. Sen. Jon Tester maintains more than a 3-to-1 cash advantage over Republican challenger Tim Sheehy and continues his breakneck fundraising heading into the final four months before November’s election, according to campaign finance reports filed earlier this month.

The Federal Election Commission fundraising figures for the period of mid-May through June show both of the top candidates for Tester’s U.S. Senate seat continue their strong fundraising performances, as both topped their first-quarter fundraising by at least $1 million.

The seat is key to power in the Senate, where Democrats are trying to keep hold of their slim majority while Sheehy and National Republican Senatorial Committee Chair Steve Daines try to unseat Tester after 18 years and win back power in a handful of key states, including Montana, Ohio, Michigan, Nevada and Arizona.

Tester brought in another $6.4 million between May 16 and July 1, spent $7.3 million, and started July with $10.8 million in cash. He has now raised $43.7 million and spent $33.9 million since the beginning of last year in his effort to win a fourth term. According to FEC data, Tester has raised the fourth-most money of any Senate candidate running this year.

Sheehy brought in $3.1 million during the period, including another $400,000 loan he gave his campaign, according to his filing. He spent $2.1 million during the period and had $3.2 million in cash heading into the third quarter of the year.

Sheehy, the political newcomer from Bozeman who recently resigned from his aerial firefighting company Bridger Aerospace, has raised $13.7 million during the campaign, including $2.4 million in loans he has given to it. He has spent $10.4 million.

Tester raised and spent about $20 million during the 2018 campaign – about four times as much as Republican challenger Matt Rosendale, whom Tester defeated by about 3 percentage points.

Libertarian Sid Daoud and Green Party candidate Michael Downey did not file campaign finance reports for the period. The FEC does not require candidates to report under the Federal Election Campaign Act of 1971 if they raise or spend less than $5,000.

1st Congressional District

The 1st Congressional District race, which is expected to be the tighter of Montana’s two congressional races this year, also continues to see significant cash flowing in and out of the campaigns of the top two candidates in the race.

Incumbent Rep. Ryan Zinke, R-Montana, raised another $1 million during the period, spent about $455,000, and started July with about $3.1 million in cash on hand. He’s so far raised $6.9 million and spent $4.2 million of that during the campaign.

Democrat Monica Tranel raised $773,000 during the period and spent $183,000, leaving her with $2.1 million heading into the third quarter. She has raised $3.1 million so far during her campaign and spent $988,000, according to FEC reports.

Zinke defeated Tranel for the same seat in 2022 49.6% to 46.5%, while Libertarian John Lamb received 3.9% of the vote. During that cycle, Zinke outraised Tranel about 2-to-1, bringing in $6.5 million to her $3 million.

Dennis Hayes, the Libertarian candidate on the ballot in the race this year, did not file reports for the period.

2nd Congressional District

In the 2nd Congressional District race for the eastern Montana seat, which Republican Rep. Matt Rosendale won by more than 70,000 votes in 2022, making it a Republican-heavy district, current State Auditor Troy Downing brought in $288,000 during the period, including another loan of $35,000 he made to his campaign.

Downing spent $627,000 during the period and started July with $96,000 in cash. He’s now raised $2.1 million during the campaign, including about $1 million he has loaned the campaign, and spent about $2 million. Downing beat out seven other Republicans in the June primary, bringing in 36% of the vote share.

About 36,000 people voted for Downing in the primary compared to about 40,000 who voted in the Democratic primary in total.

Democrat John Driscoll, a Helena former state legislator and Public Service Commissioner, did not file a report for the period and there are no candidates from other parties on November’s ballot.

Blair Miller is a Helena-based reporter. The Daily Montanan is a nonprofit newsroom.