Kamala Harris raised more than $1 billion for her presidential campaign … which ultimately failed. In the afterglow of stunning defeat, some Democrats are now asking how she could have possibly spent anywhere near that much money and still lost her shot at the White House.

The Harris campaign finished out the race with at least $20 million in debt, two sources familiar told Politico’s Christopher Cadelago, who wrote on X Wednesday night that of the $1 billion Harris had raised, only $118 million remained in cash as of October 16.

With the realization that all of that spending ultimately accomplished very little and cost the party control of the White House and Senate (and maybe even the House), Democrats are now beginning to point fingers.

“We spent money in stupid ways because we had a really bad strategy,” a former consultant to the DNC told Puck’s Tara Palmeri. He cited money sent to fund Representative Colin Allred’s failed challenge against Texas Senator Ted Cruz, as well as money directed to help in Iowa, a state Democrats never, ever win.

“Instead of owning any mistakes, or being transparent about the voter data and strategies that were so obviously wrong, they shut off their Twitter account and are patting each other on the back,” the former consultant said. “We dug out of a deep hole but not enough.”

Inside Harris’s crumbled campaign, some feel that they were misled about her chances, and led to believe it would be a margin-of-error race. In reality, Trump blew apart Harris’s play for the blue wall states and beat her by more than four million votes.

“People are depressed and frustrated about the overconfident leadership of the campaign,” one staffer told Axios.

One Biden staffer put it more simply: “How did you spend $1 billion and not win? What the fuck?”

Harris’s campaign budget was closely guarded by campaign manager Jen O’Malley Dillon, so it’s unclear exactly how funds were allocated. An official for the DNC said that the majority of campaign spending was toward major events, paid media, and Harris’s supposedly expansive ground game—one that ultimately didn’t drum up that many votes at all.

What’s clear is that Harris ran a very expensive campaign, one that dwarfed Donald Trump’s efforts. The campaign spent an average of $7.5 million a day in August, in comparison to the $2.7 million that Trump spent. In September, the Harris campaign spent $152 million on advertising, more than double the $63 million that Trump shelled out.

Unfortunately for Harris, dollars didn’t seem to translate into votes. And even after Harris lost, her campaign is still sending out slates of fundraising requests.

Conservatives are aiming high for their slash-and-burn goals during the next four years under a Republican trifecta, and next on the chopping block could be the Federal Reserve.

On Friday, incoming Department of Government Efficiency head and world’s richest man Elon Musk elevated a post on X (formerly Twitter) by Utah Senator Mike Lee, who posited that the central banking agency could be cut from the second MAGA administration.

“The Executive Branch should be under the direction of the president. That’s how the Constitution was designed,” Lee wrote Thursday night. “The Federal Reserve is one of many examples of how we’ve deviated from the Constitution in that regard. Yet another reason why we should #EndTheFed.”

During a press conference on Thursday, Federal Reserve Chair Jerome Powell addressed the mounting pressure against the financial institution by Donald Trump and his allies, telling a reporter that he would not step down from his post if Trump asked him to. Powell also noted that Trump’s election would “have no effects” on the central bank’s policymaking decisions “in the near term.”

Despite appointing Powell, Trump directed plenty of vitriol at the Fed chair during his first term in office. And the president-elect has been plenty vocal about his belief that the traditionally apolitical institution should bend the knee to his administration.

“I feel the president should have at least a say in there. Yeah, I feel that strongly,” Trump said during an August 8 press conference at Mar-a-Lago. “I think that, in my case, I made a lot of money, I was very successful, and I think I have a better instinct than, in many cases, people that would be on the Federal Reserve or the chairman.”

The Federal Reserve, which was created in 1913, has long been under attack by certain political subgroups in the United States, but Musk’s pointed attention toward the plan for control effectively brings it to the forefront of far-right thought.

In 2009, former Texas Representative Ron Paul—a flip-flopping libertarian—advocated for the demise of the central bank, arguing in his 2009 book End the Fed that in “the post-meltdown world, it is irresponsible, ineffective, and ultimately useless to have a serious economic debate without considering and challenging the role of the Federal Reserve,” which he claims prioritizes big banks in the U.S. financial system via bailouts and surreptitiously bankrolls U.S. warfare by way of inflation and devaluation.

But the Federal Reserve’s institutional predecessors, as well as the mere concept of central banking, have been contentious issues since the foundation of the country. Alexander Hamilton, the first secretary of the Treasury under the fledgling U.S. Constitution, argued in favor of a nationwide banking system to solve some of the country’s key issues in the aftermath of the Revolution.

The Democratic-Republican Party opposed the idea, perhaps most notably Thomas Jefferson, who believed that such a banking system would create a monopoly that could undermine smaller financial institutions and skew federal policy in favor of creditors over debtors, who tended to be........

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