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US midterms set to attract record $11.9bn in campaign spending
The 2026 US midterms are on course to be the most expensive midterm election campaign on record, with projected spending of $11.9bn. Much of the money is being channelled through outside groups, which can raise unlimited contributions and spend indirectly to support candidates, intensifying the role of wealthy donors in closely contested races.
Federal filings showed more than $9.5bn had been spent by mid-October, including about $5.5bn by political action committees and Super PACs. The top 40 donors had contributed $2.4bn by 14 October, while Elon Musk had given almost $500m, much of it supporting Republicans and the Texas Senate race; the projected total is around 30% above 2022’s midterm spending.
In short
- Midterm spending is projected to reach $11.9bn.
- Super PACs account for about $5.5bn spent so far.
- Elon Musk has donated almost $500m, mostly backing Republicans.
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The case for
Supporters of high campaign spending argue that elections are competitive contests in which candidates and groups need resources to explain their positions, reach voters and respond to opponents. They may also see independent spending as a form of political participation protected by free-speech principles, allowing donors and organisations to support causes they believe are underrepresented.
The case against
Critics argue that when spending is concentrated among a small number of very wealthy donors and outside groups, people with greater resources can gain disproportionate influence over which messages voters hear and which candidates are viable. They see limits or stronger transparency rules as ways to protect political equality and public confidence that elected officials answer to voters broadly, rather than to major funders.
Explained simply
US midterm elections take place halfway through a president’s four-year term. Voters choose all members of the House of Representatives and some senators, as well as officials in many state and local elections.
Candidates raise money to pay for advertising, staff and campaign events. Political action committees can support candidates, while Super PACs can raise and spend unlimited sums independently of candidates’ campaigns; both are examples of outside groups.
Campaign spending matters because it can affect how voters hear about candidates and issues, especially in close races. Large donations from wealthy individuals and groups have prompted debate about money’s influence in US elections.
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Originally published by BBC World as “US midterms campaign ‘shattering’ spending records to be most expensive ever”.