US midterm spending hit record $11.9 billion in 2026 cycle
What's new: The top 40 donors gave $2.4 billion by Oct. 14, with outside groups helping drive the most expensive midterms on record.
Spending in the 2026 US midterms climbed to a record $11.9 billion, surpassing the $8.9 billion spent in 2022, according to OpenSecrets data cited by The Straits Times. The BBC reported that the top 40 donors had already contributed $2.4 billion by Oct. 14, a record for that point in a midterm cycle, with more money coming from the wealthiest donors and groups. Outside spending through political action committees played a major role. The BBC said Elon Musk had donated nearly half a billion dollars as of October, while Democratic-aligned donors including George Soros and Michael Bloomberg also poured tens of millions into the race.