Show Us the Money

Republican Lee Calhoun has raised just $8,325 in his bid for Montana's U.S. Senate seat, according to his latest campaign finance report filed with the Federal Election Commission. Every dollar came from Calhoun himself. The campaign reported $8,325 in candidate contributions and zero in individual donations from outside supporters. All of it has been spent, leaving the campaign with no cash on hand and no debt.

Calhoun's FEC filing reveals a bare-bones operation. His total receipts stand at $8,325, all of it his own money. The campaign received no contributions from political action committees, no party committee contributions, and took out no loans. Congressional campaign spending in this race tells a stark story: Calhoun spent every dollar he raised. His total disbursements matched his total receipts exactly at $8,325.

Candidate Rankings

Among all candidates running for federal office in Montana in the 2026 cycle, Calhoun's fundraising places him at the very bottom of the field. Montana candidates combined have raised roughly $272.2 million this cycle. Calhoun's $8,325 represents less than one-hundredth of one percent of that total. By contrast, incumbent U.S. Senator Steve Daines raised $4,709,051 and carries $4,275,067 in cash on hand. Independent candidate Seth Bodnar raised $2,113,231, dramatically outpacing Calhoun's haul.

Contributors

Calhoun's campaign received no money from political action committees or party committees. The candidate's finance disclosure shows no outside organizational support of any kind. No outside spending was found for this candidate during the 2026 cycle, and no data is available for outside spending by independent committees on this candidate.

Incumbents vs. Challengers

Across Montana's federal races, incumbents generally hold a significant financial advantage over challengers and candidates for open seats. Calhoun, a non-incumbent challenger, reflects the steep fundraising climb facing candidates who have not yet built broad donor networks. Republican candidates statewide raised a total of $9,239,121 in the cycle, while Democratic candidates raised $2,459,287. Calhoun's minimal haul underscores the challenge facing lesser-known challengers in competitive Senate contests.

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Source: Federal Election Commission (FEC), data current as of June 5, 2026.

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