Longtime Democratic strategist James Carville shared cautious optimism and warranted concern Thursday about the upcoming midterm elections, noting that while his party is showing “momentum” in key Senate races, the GOP has a bona fide fortune on its side.

Carville made his case during a Newsmax interview after conservative host Rob Finnerty dismissed Real Clear Polling and Cook Political Report data showing Democratic candidates leading most of the “toss-up” races and asked him if he thinks they will actually win.

“Well, you would expect me to say yes,” said Carville. “But the way I would frame it is the Democrats have momentum, but remember: The Republicans have the money, by more than a little bit. And the Democrats are going to get outspent, easily, $150 to $200 million dollars.”

He continued, “Now, we can debate how much that counts. And I’m not exactly sure, but it counts for something. And we can debate how accurate to a point polls are, but when you got a lot of them pointing in the same direction, it’s probably a pretty good idea to pay attention.”

Recent polls conducted in typically red states including Texas, Florida and Kansas suggest that Republicans could face the disaster conservative pundits have warned about, but there is a massive disparity between parties in terms of spending.

Filings with the Federal Election Commission show that three main GOP party committees and two Republican super PACs reported $657 million on hand at the end of June, which is almost twice the $334 million reported by their Democratic counterparts at the time.

Trump recently boasted about his “billion”-dollar MAGA Inc. super PAC war chest.

Mark Schiefelbein/Associated Press