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November 7, 2022 - The cost of the U.S. state and federal midterm elections will exceed $16.7 billion, surpassing the previous record of $14.1 billion set in 2018, according to an analysis by OpenSecrets
The $16.7 billion includes $8.9 billion spent by federal candidates and political committees, while state candidates, party committees and ballot measure committees are on track to raise $7.8 billion.
“No other midterm election has seen as much money at the state and federal levels as the 2022 elections,” said Sheila Krumholz, OpenSecrets’ executive director.
Republicans are outspending Democrats as the party pushes to regain control of the U.S. House of Representatives and Senate -- the upper chamber of Congress.
While both parties have their billionaires, Republicans have many more. Of the 25 top donors this election cycle, 18 are Republican, according to OpenSecrets, and they have outspent Democrats by $200 million.
“This is a crucial sector of the contribution base,” said Krumholz. Billionaires make up 20 per cent of total Republican donations compared with 14.5 per cent of Democratic contributions.
A 2010 ruling by the Supreme Court protected political spending as a form of free speech. That meant corporations and other outside groups could spend as much money as they wanted if they didn’t coordinate with campaigns.