More On: Joe Biden
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To conquer the White House and control the Senate and House of Representatives, Democrats and Republicans will spend twice as much money as in the 2016 campaign, which was already a record.
The US election campaign "smashed all records" to become "the most expensive in American history," reports The New York Times. The New York daily refers to the latest projections from the Center for Responsive Politics, which estimates the total spending for the presidential election and for overseeing the Senate and House of Representatives at nearly $ 14 billion (11.9 billion euros).
"This is double the previous record for the federal election, which was set just four years ago," said The New York Times. Cumulative spending for the Senate and House of Representatives is expected to be $ 7.2 billion. But with $ 6.6 billion spent by Trump and Biden's campaigns, the presidential election is unsurprisingly the main driver of this campaign spending inflation. The two camps have notably spent nearly $ 1.8 billion to broadcast television commercials.
Small donors and billionaires
According to the daily, money seems to be pouring in from all sides: small donors, especially online, “play an increasingly central role in financing election campaigns”, and, at the same time, billionaires and multimillionaires "write huge checks to the super PACs [political action committee with uncapped funding]".
Democrat Joe Biden's campaign team, which had raised $ 938 million as of October 14, is even on track to be the first to surpass $ 1 billion in fundraising, reports The New York Times.