2024 Election Spending Set to Break Records, Projected to Hit $16 Billion

The 2024 election cycle is on track to become the most expensive in U.S. history, with spending projected to reach a staggering $16 billion. According to a new analysis by OpenSecrets, a nonpartisan group that tracks political spending, this election will shatter the previous record of $14 billion set during the 2020 presidential election. Both presidential and congressional races are driving up this unprecedented cost, fueled by donations from megadonors and outside groups, particularly those aligned with Republican candidates.

Much of the surge in spending is attributed to super PACs and other outside groups, which have spent around $2.6 billion so far—nearly $1 billion more than at this point in the 2020 election. These groups are primarily responsible for independent expenditures like advertisements, mail campaigns, and canvassing operations in support of specific candidates. The analysis suggests that spending by such groups will likely exceed $5 billion by Election Day.

New report from @OpenSecretsDC finds 2024 federal elections will cost nearly $16B, shattering the record set in 2020. https://t.co/I8gLiPtgsh

— David Meyers (@davidmeyers) October 9, 2024

Republicans, in particular, are benefiting from the backing of wealthy donors, with the top five megadonors to outside groups this election cycle all supporting conservative candidates. Timothy Mellon, heir to the Mellon banking fortune, leads the charge, having donated a staggering $125 million to a super PAC working to elect former President Donald Trump. The financial advantage of Republican-aligned super PACs has bolstered the GOP's position, especially as they vie for control of Congress and the presidency.

In addition to Trump's Make America Great Again, Inc. super PAC, other notable Republican super PACs include the Senate Leadership Fund and the Congressional Leadership Fund, which have been active in pouring money into key races. These super PACs are designed to support Republican candidates in tight congressional races, with a focus on maintaining or gaining seats in both the House and Senate.

BREAKING: AIPAC has officially surpassed the $100 million spending mark on 2024 U.S. elections.

America is not a democracy. pic.twitter.com/fOY0qHDtwH

— ADAM (@AdameMedia) August 31, 2024

Democrats, while not receiving as much support from megadonors, are still raising significant sums. Outside groups supporting Democratic candidates have also ramped up spending, with major contributions coming from unions and progressive organizations. However, Republicans currently enjoy a fundraising edge, particularly in the race for the White House, as Trump's candidacy continues to attract substantial financial backing from his base of wealthy supporters.

The staggering sums being spent highlight the increasing influence of outside money in U.S. elections. Brendan Glavin, deputy research director at OpenSecrets, noted that the sheer scale of spending in the 2024 election suggests there may be no limit to how expensive elections can become. "There may be a saturation point where elections can no longer get more expensive, but we haven’t reached it yet," Glavin remarked. "Super PACs and billionaires continue to spend more and more hoping to select our elected officials. And right now, it is looking as though there isn’t a ceiling to how much an election in the U.S. can cost."

Campaign finance reform advocates have long warned about the outsized influence of wealthy donors in elections, and the 2024 election is likely to reignite calls for stricter regulations on campaign spending. Critics argue that the flood of money into politics undermines democracy by giving undue influence to a small group of wealthy individuals and corporations. On the other hand, proponents of the current system argue that political spending is a form of free speech, protected by the First Amendment.

As Election Day approaches, political analysts expect the fundraising and spending frenzy to intensify. With tight races in battleground states and control of Congress hanging in the balance, both parties are likely to ramp up their efforts to secure financial backing from donors and outside groups. The result will be an election that is not only fiercely contested but also extraordinarily expensive.