US midterm campaign projected to be most expensive ever recorded
Total spending is expected to reach nearly $12bn, driven largely by Super Political Action Committees.
The US midterm campaign is projected to reach a total cost of nearly $12bn, according to the independent organisation Open Secrets, according to BBC News. This figure would be approximately 30 per cent higher than the amount spent during the 2022 midterm elections.
Most of the spending is driven by outside political groups known as Super Political Action Committees (Super Pacs). While these groups cannot give money directly to candidates, they can accept unlimited contributions from individuals and corporations to support them indirectly.
Billionaire businessman Elon Musk is the top individual donor, having spent almost half a billion dollars backing Republican candidates. Much of his funding has gone to America PAC and the Republican-aligned Senate Leadership Fund, with significant investments in the Texas Senate race.
Other major contributors include George Soros, through Geosor Corp and Fund for Policy Reform, which gave a combined $102m to liberal groups. Former New York City mayor Michael Bloomberg has given more than $60m to Democratic causes.
According to AdImpact, $11.15bn has been spent on advertising up until the end of October. US campaign finance expert Michael Beckel said that traditional broadcast television remains the top beneficiary of advertising expenditures, although digital ad spending continues to increase.
The full spending totals will not be available until after the election day on 3 November.
