U.S. Midterm Spending Projected to Reach $11.9 Billion

U.S. midterm campaign spending is projected to reach about $11.9 billion in 2026, which would make the election cycle the most expensive midterm contest on record, according to OpenSecrets. The estimate is about 30% higher than the $8.9 billion spent in the 2022 midterms. The figure is a projection rather than a final accounting. Campaign finance disclosures are still being completed, and the full totals will be clearer after candidates, parties and outside groups submit their records. The estimates include spending by campaigns and outside political organizations, with much of the money directed toward advertising and other campaign activities. Advertising trackers reported a surge in spending during October. AdImpact put U.S. political advertising for the month at $4.01 billion: about $1.9 billion from Republican-aligned groups, $1.76 billion from Democratic groups and $350 million from independents. The October total covers one month and is distinct from estimates for the full election cycle. AdImpact’s October 26 tally put 2025-26 cycle advertising and reservations at $11.21 billion, slightly above the $11.20 billion recorded for the 2023-24 cycle. That tally includes...