On Tuesday, The New York Times reported that Mike Bloomberg put $80 million into efforts to flip the House to Democratic control, with his adviser Howard Wolfson saying Bloomberg "is of the view that resources matter in campaigns" and that he "expects a result."
Before this newest wave, Federal Election Commission filings as of Tuesday showed Bloomberg's cycle-to-date giving totaled $23 million directed toward Democrats and groups aligned with them. As of early October, filings showed he had committed $11 million to a super PAC backing Micah Lasher in New York's 12th Congressional District and $2.5 million to Pennsylvania Gov. Josh Shapiro's reelection.
According to a CNBC review of FEC filings for the 2025-2026 cycle, that level of giving puts Bloomberg among the five largest individual Democratic donors. CNBC sought comment from Wolfson, who had not replied immediately.
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Soon after the Bloomberg news, President Donald Trump reiterated on social media that he intends to put $400 million behind Republican candidates. In the same Truth Social post, he said he and an affiliated PAC have already spent more than $300 million on ads, voter contacts, rallies, and turnout operations, and he promised the total will top $400 million by Nov. 3.
Public filings tell a narrower story. By Tuesday afternoon, FEC data reflected roughly $200 million in trackable spending and ad reservations connected to Trump's political apparatus. In September, Trump stated that his super PAC, MAGA Inc., had "close to a billion dollars" and intended to put $400 million to $500 million toward the midterms, while, at that stage, MAGA Inc. said it held roughly $403 million in cash on hand.
Republicans are increasingly worried about preserving control of both the House and the Senate. Concurrently, many analysts rate Democrats as favorites to capture the House, and numerous polls indicate Democrats are within striking distance of a Senate majority. Translation for markets: money is flooding late into pivotal races, and the policy mix investors handicap next - taxes, spending, regulation - will track whichever party holds the gavel.
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