US Midterms Campaign: The Most Expensive Ever?
BBC News reports that the US midterms campaign is poised to be the most expensive on record, with a projected total cost of nearly $12bn (£9bn) according to Open Secrets, an independent organization tracking campaign finance.
Spending Trends
- Total Spent: As of mid-October, over $9.5bn had been spent in this midterms cycle, with PACS and Super PACs contributing about $5.5bn, nearly doubling their spending in recent months.
- Projected Total: Open Secrets predicts a total of $11.9bn, approximately 30% more than the 2022 midterms.
Top Donors
The top 40 donors have contributed a record-high $2.4bn by October 14th, according to the Brennan Center for Justice. Key figures include:
- Elon Musk: The billionaire businessman has donated nearly half a billion dollars, primarily to Republican causes, through his Super PAC, America PAC, and the Senate Leadership Fund. Most of this funding supports Ken Paxton in the Texas Senate race.
- Michael Bloomberg: The former New York City mayor has been the largest Democratic donor, contributing over $60m.
- Other Billionaires: Jeff Yass, Richard Uihlein, and Elizabeth Uihlein have given over $100m to Republican causes.
- Geosor Corp and Fund for Policy Reform: These organizations, founded by George Soros, have combined to give $102m to liberal groups.
These figures underscore the significant role of wealthy individuals and organizations in US political funding, particularly in the context of the upcoming midterm elections.