WASHINGTON: The fundraising arm of the US Democratic Party raised more money in July than its Republican counterpart, helped by big contributions from billionaire donors including investor George Soros and former Google Chief Executive Eric Schmidt.

Disclosures filed on Friday with the Federal Election Commission showed the Democratic National Committee raised about $13.1 million last month, above the $12.9 million raised by the Republican National Committee.

The RNC still had more money in the bank at the close of the month - $79 million compared to nearly $68 million held by the DNC - although Democrats narrowed the gap. Raising more money does not necessarily translate into Election Day victory, but a big bank account helps US parties support their candidates' campaigns and pays for ads and polling.

Democrats have narrow majorities in the US Senate and the House of Representatives, and losing control of either in the November 2022 contests would be a blow to Democratic President Joe Biden's agenda.

Friday's disclosures showed that Schmidt - a Silicon Valley titan who has made personnel recommendations to Biden's White House for Department of Defense appointments, according to a Reuters report gave more than $360,000 to the DNC in July.

Soros, a famed investor and a bogeyman of conservatives due to his status as a major donor for liberal causes, gave the DNC at least $250,000 in July.

While the DNC has raised slightly more than the RNC this year, Republicans have been spending money more aggressively.

It also spent more in July, shelling out $1 million to JDB Marketing Inc, a Mount Pleasant, South Carolina firm that specializes in direct mail fundraising.