The Price Tag of Power: 2024's Election Expected to Top $16 Billion

2024’s elections are on their way to becoming the most expensive in U.S. history, with spending expected to hit $15.9 billion. The nonpartisan organization OpenSecrets predicts this monumental cost. What’s driving up the bill? Mainly, it’s outside groups, like super PACs, who are pouring money into Republican campaigns. So far, they’ve spent around $2.6 billion, which is nearly $1 billion more than at the same point in the 2020 elections. And this is just the beginning; they expect to spend over $5 billion by the end of the election cycle. The top five donors to these outside groups are all backing Republicans. Leading the pack is Timothy Mellon, who has donated a whopping $125 million to a super PAC supporting former President Donald Trump. This massive donation has given conservative outside groups a significant fundraising advantage.

Brendan Glavin, OpenSecrets’ deputy research director, shared his thoughts, stating, “We haven’t reached a point where elections can’t get more expensive. Super PACs and billionaires keep spending more, hoping to influence who gets elected.” The super PAC supporting Trump, Make America Great Again, Inc., has already spent over $239 million. On the other side, Future Forward, the main super PAC backing Vice President Kamala Harris, has spent over $212 million. While Harris has consistently outraised Trump since she became the Democratic nominee, Trump and the Republican Party have raised around $430 million, compared to Harris and the Democratic Party’s $1 billion over the same period. In congressional races, the party in control of each chamber has a spending advantage, with Democrats outspending Republicans in Senate races by over $150 million.

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