How US midterms have cost a record $12bn as cost of living soars
Summary
Spending on the 2026 U.S. midterm elections is estimated at nearly $12 billion, a record, as candidates and outside groups campaign amid widespread focus on living costs and affordability. Much of the outside spending comes from super PACs, which can accept unlimited contributions if they do not coordinate directly with candidates.Key Facts
- OpenSecrets estimates that candidates and outside political groups will spend nearly $12 billion on the midterms.
- Democratic candidates are expected to spend more than $2.2 billion, compared with $1.4 billion by Republican candidates, according to OpenSecrets.
- Federal Election Commission data shows outside spending rose from $4.12 billion in 2016 to an estimated $11.9 billion in 2026.
- A 2010 Supreme Court ruling treated independent election communications as protected political speech; a related lower-court ruling removed contribution limits for groups that do not coordinate with candidates.
- The Senate Leadership Fund and MAGA Inc. have spent $489 million and $353 million, respectively, for Republican candidates.
- The Senate Majority PAC and House Majority PAC have spent $248 million and $192 million, respectively, for Democratic candidates.
- Campaign finance records show Elon Musk gave $445 million to Republicans.
- Super PACs disclose their direct contributors, but money can pass through organizations that do not disclose their own funding sources, making original donors harder to identify.
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