US Midterm Spending Nears $12 Billion Record

On November 2, campaign spending for the US midterm elections was projected to total $11.9 billion, which would make this the most expensive midterm cycle on record. Voters are due to cast ballots on November 3. More than $9.5 billion had already been spent by mid-October, based on federal filings; the final total will come later.

Record Election Spending Shows Wealthy Donors’ Growing Grip

The US midterms are on track to cost $11.9 billion, while a growing share of political spending is difficult to trace. That is a troubling imbalance in elections where billionaire donors and outside groups can pour enormous sums into races, often without voters seeing who is behind the money.

The top 40 donors contributed $2.4 billion by mid-October, and their giving favored Republicans three to one. Elon Musk alone has spent about $483 million, much of it backing Republicans and the Texas Senate campaign of Ken Paxton. Super PACs, which may collect unlimited contributions, had spent $2 billion by the end of September.

Dark-money groups had spent at least $1 billion by the end of August, while an estimated $699 million from top donors was largely untraceable. Organizations that need not identify their contributors have become a major part of political spending, including in lower-profile races. Rules intended to prevent coordination between campaigns and Super PACs are also rarely enforced, the report says.

The figures raise a basic democratic concern: ordinary voters have far less financial power than a small circle of wealthy individuals and corporate interests. Democrats are projected to regain the House and could win the Senate despite being outspent, but the surge in spending points to a campaign-finance system with fewer effective limits and disclosures.

Bipartisan Donors Fuel Costliest Midterms on Record

The US midterms are projected to cost a record $11.9 billion, but the flood of campaign money is not confined to one party. Major donors and outside groups are spending on both sides, including Democratic benefactors George Soros and Michael Bloomberg, as well as Republicans’ largest backers.

Elon Musk has contributed about $483 million, much of it to support Republicans, including Ken Paxton in Texas. But Bloomberg added $36 million for Democratic candidates, on top of an earlier $80 million commitment, and Soros-linked organizations gave $102 million to liberal groups. Crypto companies Ripple and Coinbase together contributed $63 million to Super PACs advancing industry interests.

Super PACs can take unlimited donations but cannot transfer that money directly to candidates. Their spending had reached $2 billion by the end of September, while total spending from candidates, parties and outside groups exceeded $9.5 billion by mid-October. Advertising accounts for much of the election outlay, with TV still the largest destination even as digital ads grow.

The numbers show that big spending and wealthy influence span party lines. Democrats are forecast to regain the House and may take the Senate even while Republicans have spent more, particularly in Senate contests. Treating campaign spending as a one-party problem overlooks the scale of Democratic fundraising and the billions deployed by donors and groups with interests across the political spectrum.