Mid-term spending is projected at close to $17 billion, breaking the previous record

Mid-term spending is projected at close to $17 billion, breaking the previous record

Spending in the midterm elections is likely to far exceed the record set in 2018, with projections to reach over $16.7 billion.

Federal election spending has already surpassed the previous inflation-adjusted record of $7.1 billion, topping $7.5 billion as of Tuesday, according to the Federal Election Commission.

Campaign Finance Supervisor OpenSecrets expects that number to grow to $8.9 billion, while the state election is projected to raise $7.8 billion.

Federal elections in Pennsylvania, Georgia, Arizona, Nevada and Wisconsin cost the most as the five toughest races.

“No other midterm election has brought in as much money at the state and federal level as the 2022 election,” said OpenSecrets CEO Sheila Krumholz.

“We’re seeing record totals spent on elections up and down the ballot.”

The biggest spenders this election season are congressional super PACs, including Senate Minority Leader Mitch McConnell’s (R-Ky.) Senate Leadership Fund, the House Congressional Leadership Fund backed by House Minority Leader Kevin McCarthy (R-Calif.) , Senate Majority Leader Charles Schumer (DN.Y.)-affiliated with Senate Majority PAC and House Majority PAC, along with House Speaker Nancy Pelosi (D-Calif.)

McConnell’s group has spent more than $205.4 million on the midterms so far, while the Congressional Leadership Fund has spent more than $188.1 million, both figures as of Monday.

Comparatively, the Senate Majority PAC spent $131.5 million and the House Majority PAC spent $93.6 million.

Outside groups overall, including super PACs and other organizations, far surpassed 2018’s inflation-adjusted spending record of $1.6 billion, reaching about $1.9 billion as of Monday.

Republican groups spent more on their candidates during this midterm cycle, while Democratic campaigns have raised more outside money.

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