UPDATED: 2020 election is now expected to near $14 billion in total spending
For Immediate Release:
Contact: Brendan Quinn, press@crp.org
WASHINGTON, Oct. 28, 2020 — With just under a week to go before Election Day, The Center for Responsive Politics estimates the 2020 election will be the most expensive ever by a large margin. Even if committees had stopped all spending at the end of September, the 2020 election would still be the most expensive ever.
The Center for Responsive Politics now predicts that the total cost of the 2020 election will nearly reach an unprecedented $14 billion, making it the most expensive election in history and twice as expensive as the previous presidential election cycle. The Center previously estimated the election would see nearly $11 billion in total spending.
"Donors poured record amounts of money into the 2018 midterms, and 2020 appears to be a continuation of that trend — but magnified. Ten years ago, a billion-dollar presidential candidate would have been difficult to imagine. This cycle, we're likely to see two." said Sheila Krumholz, executive director of the Center for Responsive Politics.
Despite being interrupted by the coronavirus pandemic, the 2020 election is seeing record levels of small-dollar giving amid extraordinary enthusiasm from supporters and opponents of President Donald Trump. Women are also giving far more to political candidates than ever before. That's on top of massive donations from wealthy donors and Michael Bloomberg's unprecedented billion-dollar presidential campaign.
"When Citizens United was decided 10 years ago, conservatives were the quickest to jump on the newly permissible outside groups as a way to facilitate huge donations," said Sarah Bryner, director of research and strategy at the Center for Responsive Politics. "Now, liberal groups have more than made up the difference and are taking advantage of every opportunity available to get their message out."
Here's what we're seeing: - Spending in the 2020 presidential race is projected to near $6.6 billion, up from $2.4 billion in 2016.
- Outside spending totals $2.6 billion, nearly double the amount spent at this point in 2016.
- Between his failed presidential campaign and his independent efforts, Mike Bloomberg accounts for over 9.5 percent of total spending by himself.
- Sheldon and Miriam Adelson have given $183 million, the record for giving by a couple in a single election cycle.
- Small donors account for 22 percent of all committees' fundraising, a record high.
- Roughly 44 percent of all donors are women, also a record high.
- The North Carolina Senate race is already the most expensive congressional race of all time, with the Iowa Senate race claiming the No. 2 spot.
- Democratic candidates and groups have enjoyed a massive financial advantage, spending $5.5 billion compared to Republicans' $3.8 billion.
See the data here For over 35 years, the Center for Responsive Politics has empowered Americans with information and helped propel the discussion on transparency in governance. CRP's in-depth research and analysis reveal important facts about how our nation's politics and policies are shaped and influenced.
ABOUT THE CENTER FOR RESPONSIVE POLITICS
Nonpartisan, independent and nonprofit, the Center for Responsive Politics is the nation's premier research group tracking money in U.S. politics and its effect on elections and public policy. Founded in 1983, CRP's vision is for Americans to be empowered by access to clear and unbiased information about money's role in politics and policy and to use that knowledge to strengthen our democracy. |
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