Michael Bloomberg is directing $80m to Democratic candidates while Donald Trump announces $400m in spending for Republicans ahead of the 2026 midterms.
Billionaire Michael Bloomberg is spending $80m to support Democratic candidates in the 2026 midterm elections, according to US media reports. This announcement coincides with President Donald Trump’s statement that he intends to spend a total of $400m to aid Republican candidates, with $300m already disbursed.
According to The New York Times, Bloomberg made his contributions in September and October, with a primary focus on helping Democrats retake the US House of Representatives. Republicans currently control the chamber by a historically small margin. Bloomberg’s political adviser, Howard Wolfson, stated that the goal is to ensure a Democratic majority exceeds the 218 seats needed for control.
“The difference between 221 and 230, in terms of the House majority, really matters,” Wolfson said.
Bloomberg, 84, served as mayor of New York City from 2002 to 2013. He previously spent $80m to help Democrats in the 2018 midterms. His current donations include:
When asked about the effectiveness of the spending, Wolfson said Bloomberg “is of the view that resources matter in campaigns” and “expects a result.”
President Trump announced on Tuesday that he has spent or plans to spend more than $400m to boost Republican candidates. In a Truth Social post, Trump stated, “Because of my belief in the Republican Party, and all of our Policies and Principles, and especially after witnessing what is taking place in France, and other locations throughout Europe, I am pleased to announce that, having to do with the Most Important Midterm Elections in our Country's History, I have spent, or will be spending, over 400 Million Dollars by Election Day.”
Trump noted that “More than 300 Million Dollars has already been spent on Advertising, Direct and Indirect Voter Contact, Rallies, Rally Arenas, Telerallies, Get Out the Vote Programs, Election Integrity, and more.”
Reuters reported that campaign finance filings show Trump’s super PAC, MAGA Inc., and an affiliated group, No Going Back PAC, have already spent at least $226 million on the midterms. The broader $400 million figure has not been independently verified.
The dueling announcements highlight significant financial activity in the final weeks before the November 3 election. According to advertising data cited by the Associated Press, Republicans have spent or reserved roughly $2.2 billion on ads since September 1, while Democrats have spent about $1.8 billion. A Washington Post analysis of AdImpact data found that independent groups have spent more than $1.2 billion in competitive congressional contests alone.
Elon Musk, an ally of the president, has also spent $366m on conservative groups and campaigns so far. Costas Panagopoulos, a political science professor at Northeastern University, told Newsweek that while such spending helps connect with voters, it is “unlikely to determine outcomes.” He added, “In some ways, lavish spending can be counterproductive because it implies vulnerability.”
Control of either chamber of Congress would allow Democrats to block President Trump’s legislative agenda and investigate his administration. If Democrats win a majority in the Senate, they could also reject his nominees for the supreme court and other federal judicial positions. Democrats believe they are favored to take back the House, though analysts suggest the Senate race could go either way.
Sources
This article was drafted with AI assistance and checked against the sources above. Company claims are reported as claims. Cover image is AI-generated.
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