U.S. Rep. Elise Stefanik is on track to raise $10 million in her re-election bid this year, the fruits of a fundraising machine that observers say will fuel the New York Republican’s rise.

Ms. Stefanik will report raising $1.6 million in the quarter that ended on June 30, bringing her cash on hand to $4.4 million, campaign officials said. That gives Ms. Stefanik the largest war chest of any Republican politician in the state. She has more money in the bank than the total amount Dutchess County Executive Marc Molinaro raised…

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