Spending On U.S. Midterm Elections To Exceed $16.7 Billion, Setting New Record
(Bloomberg) -- Total spending on state and federal races during the 2022 midterm election cycle will exceed $16.7 billion, shattering the previous inflation-adjusted $13.7 billion spent four years ago, according to OpenSecrets estimates.
Federal candidates and committees will shell out $8.9 billion as Republicans and Democrats fight over control of the narrowly divided House and Senate.
Early and aggressive fundraising combined with costly primaries, fueled by wealthy donors like billionaire Peter Thiel, crypto exchange FTX Chief Executive Officer Sam Bankman-Fried and quant trader Jeffrey Yass, contributed to the spending increase.
“We're seeing record-breaking totals spent on elections up and down the ballot,” Sheila Krumholz, the executive director of OpenSecrets, a nonpartisan group that studies money in politics, said.
The 10 most expensive US Senate races include Pennsylvania, Georgia, Arizona, Nevada and Wisconsin, all rated toss-ups by the Cook Political Report. In those five states alone, $1.8 billion has already been spent by campaigns and outside groups including parties and super-PACs.
Democrats have raised more money for federal offices, but the GOP has spent more, OpenSecrets estimates.
Overall, outside groups spent $1.9 billion through the end of October. The biggest spenders are all Republican-led super-PACs. The Senate Leadership Fund, with ties to Republican Leader Mitch McConnell has doled out $205.4 million, while the Congressional Leadership Fund, which backs GOP House candidates, has spent $188 million.
By comparison, the Senate Majority PAC, aligned with Democratic Leader Chuck Schumer, has spent $131.5 million and the House Majority PAC has spent $93.6 million.
At the state level, $7.8 billion has already been raised, topping the inflation-adjusted $7.1 billion raised in 2018. Gubernatorial candidates have raised $1.7 billion, with Republicans accounting for 57% of that amount. They include Florida GOP Governor Ron DeSantis, who's raised a record $164 million for his reelection effort.
State fundraising increased in down-ballot races that historically haven't attracted as much money. Secretary of State contests, for example, have become a focus in the aftermath of former President Donald Trump's false claims that he lost the 2020 presidential election because of fraud.
Candidates in those races have drawn a record $55.4 million. Democrats have raised $31.8 million compared to $23.3 million for Republicans.
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©2022 Bloomberg L.P.
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