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Midterm spending projected to near $17 billion, shattering previous record

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The Tax Cuts and Jobs Act, passed at the end of 2017, leveled the playing field between small and big businesses and brought shared prosperity.

Midterm election spending is likely to far exceed the record set in 2018, with projections reaching past $16.7 billion.

Spending in federal elections has already surpassed the inflation-adjusted previous record of $7.1 billion, stretching beyond $7.5 billion as of Tuesday, according to the Federal Election Commission.

Campaign finance watchdog OpenSecrets expects that number to grow to $8.9 billion, while state elections are projected to raise $7.8 billion.

Federal elections in Pennsylvania, Georgia, Arizona, Nevada and Wisconsin are costing the most as five of the tightest races.

“No other midterm election has seen as much money at the state and federal levels as the 2022 elections,” said OpenSecrets Executive Director Sheila Krumholz.

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

The largest 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.), the Senate Majority Leader Charles Schumer (D-N.Y.)-affiliated Senate Majority PAC and the House Majority PAC, aligned with House Speaker Nancy Pelosi (D-Calif.)

McConnell’s group has spent more than $205.4 million on the midterm elections thus far, while the Congressional Leadership Fund has spent more than $188.1 million, both numbers as of Monday.

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

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

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

Tags Arizona campaign finance Charles Schumer Chuck Schumer Chuck Schumer Federal Election Commission Georgia House Congressional Leadership Fund House Majority PAC Kevin McCarthy midterm elections 2022 Mitch McConnell Mitch McConnell Nancy Pelosi Nancy Pelosi Nevada OpenSecrets Pennsylvania Senate Leadership Fund Senate Majority PAC Wisconsin
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