In the final stretch of the 2024 midterm elections, two billionaire donors have made significant financial commitments to influence control of Congress. Mike Bloomberg announced a $80 million spending push to aid Democratic candidates, while Donald Trump reiterated his vow to spend over $400 million to support Republican candidates.
Trump’s spending pledge comes as his affiliated super PAC, MAGA Inc., has already allocated $30.4 million to the Texas Senate race and other contests. His Truth Social post stated that total Republican advertising, voter outreach, and turnout operations would exceed $400 million by Election Day. Trump also framed the midterms as a referendum on Democratic policies, citing unrest in France as a cautionary example of governance under opposition leadership.
Bloomberg’s $80 million investment, reported by The New York Times, targets Democratic efforts to regain control of the House of Representatives. The spending follows prior donations of $23 million this election cycle, including $11 million to a super PAC backing Micah Lasher in New York’s 12th Congressional District and $2.5 million for Pennsylvania Governor Josh Shapiro’s reelection. Bloomberg’s advisor, Howard Wolfson, stated the former mayor expects the spending to yield results.
Spending comparisons between the two parties show Republicans outspending Democrats in advertising across federal, state, and local races. Republican advertising totals approximately $2.2 billion, compared to $1.8 billion by Democrats, according to Associated Press figures. Control of both chambers of Congress remains uncertain, with analysts and polls suggesting Democrats are competitive in Senate races and favored to win the House.
Key races drawing national attention include the Texas Senate contest between Republican Senator Roger Marshall and Democratic challenger Adam Hamilton, where Trump has held rallies in support of Marshall. Bloomberg’s spending also aligns with broader Democratic strategies to counter Republican financial advantages in key districts.
Election Day is November 3, with early voting already underway in several states. The influx of late-stage funding underscores the high stakes of the midterms, where narrow margins could determine congressional majorities.