Just months into the tenure of a new party leader, Ken Martin, the Democratic National Committee’s financial situation has grown so bleak that top officials have discussed whether they might need to borrow money this year to keep paying the bills.

Fund-raising from major donors — some of whom Mr. Martin has still not spoken with — has slowed sharply. At the same time, he has expanded the party’s financial commitments to every state, and even to far-flung territories like Guam.

Fellow Democrats are grumbling that Mr. Martin, who quietly accepted a raise after taking the post, has been badly distracted by internal battles. So far, they say, he has been unable to help unite his party against Republicans, who control the federal government.

A protracted and public fight with David Hogg, the 25-year-old activist turned D.N.C. vice chair who blindsided party officials with a plan to challenge incumbent Democrats, made things worse. The clash included the leak of embarrassing audio of Mr. Martin questioning his own role and ended in Mr. Hogg’s unceremonious exit this month.

That was soon followed by the news that two of the country’s most influential labor leaders, who represent a combined 3.2 million workers, were also leaving the D.N.C. Both questioned the party’s direction under Mr. Martin.

Rufus Gifford, who served as the finance chairman of Kamala Harris’s 2024 campaign and maintains relationships with many top donors, suggested Democrats were being sent the wrong message at a time when they are desperately looking for “fight and leadership.”