With less than two weeks until Election Day, one of the biggest donors in American politics has made his move. Former New York Mayor Mike Bloomberg spent $80 million in September and October to help Democrats regain majority control of the House, The New York Times reported Tuesday, citing his team. Here is where the money is going. CNBC
The numbers
At least $50 million of the money is directed toward House races. The details, as reported: yahoo
- $24 million to Everytown for Gun Safety, an organization he co-founded. yahoo
- $16 million to House Majority PAC, the principal super PAC supporting House Democrats. yahoo
- $5 million for a super PAC affiliated with the League of Conservation Voters. yahoo
- $2.5 million to support Texas Democratic Senate nominee James Talarico. yahoo
- $8 million for Democratic gubernatorial candidates in six battleground states. yahoo
Bloomberg also plans to soon spend an additional $10 million in House races, according to his adviser Howard Wolfson. inquirer
How big a donor is he?
With $80 million, Bloomberg is among the top five largest individual Democratic donors this cycle, according to a CNBC analysis of FEC filings. Before Tuesday’s announcement, he was known to have donated $23 million to Democrats and affiliated causes this cycle, according to Federal Election Commission records. The figures come from his team, and official filings may take time to catch up. CNBCCNBC
Why the House?
Bloomberg wants House Democrats to have a governable majority, not just the 218 votes needed for Hakeem Jeffries to become speaker. Wolfson said the difference between a majority of 221 seats and 230 really matters. inquireryahoo
What each side said
Jeffries welcomed the contributions, pointing to Bloomberg’s involvement in the 2018 midterms, when Democrats won the House. Wolfson was measured about what money can do. He said “money is not determinative, but it is helpful.” yahooCNN
A familiar pattern
This isn’t new for him. Bloomberg reportedly donated about $50 million to Kamala Harris’s campaign in 2024, and helped Democrats retake the House in 2018 with $80 million to candidates. The Inquirer notes that around this time every election year, Democrats begin to wonder where he is, and he often arrives late. yahooinquirer
The money gap
The contribution comes as Republicans still enjoy a significant fundraising advantage. CNN describes the midterms as turning into a battle of billionaires, with big donors active on more than one side. gvwireCNN
What it doesn’t guarantee
Large donations don’t decide elections on their own. Outcomes depend on candidates, turnout, and the map. Many political analysts expect Democrats to win control of the House, and multiple polls show Democrats within reach of a Senate majority, but forecasts are not results. CNBC
Bottom line
A late $80 million, mostly for House races, makes Bloomberg one of the most important donors of the cycle. Whether it moves the result will be known on November 3.
