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Bloomberg, Steyer spend combined $340 million in fourth quarter

Bloomberg, Steyer spend combined $340 million in fourth quarter

Former New York City Mayor Michael BloombergMichael BloombergHolder, Yates lead letter backing Biden pick for Civil Rights Division at DOJ The truth behind companies' 'net zero' climate commitments The strategy Biden needs to pass his infrastructure plan MORE and businessman Tom SteyerTom SteyerWhy we should be leery of companies entering political fray Steyer says he has 'no plans' to run for public office again GOP targets ballot initiatives after progressive wins MORE spent a combined $340 million in the last quarter of 2019, far outpacing the amount spent by their rivals in the Democratic presidential race.

The two billionaire candidates competing in the crowded Democratic primary also gave their campaigns a combined $355 million in the same period, according to Federal Election Commission data released on Friday.

Bloomberg, who is entirely self-funding his campaign, spent more than $188 million in the fourth quarter and ended the period with $12 million in cash on hand. Steyer spent around $153 million in the last quarter of the year and ended it with $5.4 million in cash on hand.

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The figures show that Bloomberg and Steyer each spent more in the final three months of 2019 than four of the top Democratic contenders combined.

Sen. Bernie SandersBernie SandersBiden sparks bipartisan backlash on Afghanistan withdrawal  Why does Bernie Sanders want to quash Elon Musk's dreams? Congress can protect sacred Oak Flat in Arizona from mining project MORE (I-Vt.) spent a little more than $50 million in the fourth quarter, while former South Bend, Ind. Mayor Pete ButtigiegPete ButtigiegWhite House says gas tax won't be part of infrastructure bill The Hill's 12:30 Report: Biden meets with bipartisan lawmakers for infrastructure negotiations Senate Republicans label Biden infrastructure plan a 'slush fund' MORE spent $34 million and Sen. Elizabeth WarrenElizabeth WarrenForgiving K in school loans would free 36 million student borrowers from debt: data IRS chief warns of unpaid taxes hitting trillion Biden sparks bipartisan backlash on Afghanistan withdrawal  MORE (D-Mass.) spent $33.7 million. Former Vice President Joe BidenJoe BidenIRS to roll out payments for ,000 child tax credit in July Capitol Police told not to use most aggressive tactics in riot response, report finds Biden to accompany first lady to appointment for 'common medical procedure' MORE spent more than $23.3 million during that period. 

The spending totals appear to have benefited Bloomberg and Steyer in recent polls, with Bloomberg especially seeing a bounce in national surveys.

A Morning Consult survey released on Tuesday showed Bloomberg, who entered the race in November, hitting 12 percent support, putting him ahead of Buttigieg and Sen. Amy KlobucharAmy KlobucharHillicon Valley: Biden nominates former NSA deputy director to serve as cyber czar | Apple to send witness to Senate hearing after all | Biden pressed on semiconductor production amid shortage Apple to send witness to Senate hearing after pushback from Klobuchar, Lee Lobbying world MORE (D-Minn.).

Bloomberg is not competing in the early primary and caucus states and has instead focused his resources on massive ad buys in the Super Tuesday states. 

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He spent roughly $132 million on TV advertisements in addition to $8.19 million on digital ads. 

Steyer has also worked to inundate the airwaves with advertisements in addition to making the Democratic debate stage.

A Morning Consult poll of the four early primary and caucus states showed Steyer at 15 percent earlier this month.