Billionaire Michael Bloomberg is set to spend $80 million supporting Democratic candidates in the midterm elections, according to reports from US media on Tuesday. This substantial financial boost comes at a time when the party has been facing challenges with fundraising as it aims for control of Congress.
These contributions were announced just as Donald Trump revealed his plan to allocate $400 million towards Republican candidates, having already distributed $300 million.
The New York Times noted that Bloomberg made these donations in September and October, focusing particularly on Democrats who are competing to take back the US House of Representatives, which Republicans currently hold by a narrow margin. The objective, according to Bloomberg’s political advisor Howard Wolfson, is to ensure that the Democratic majority surpasses the 218 seats required for control of the chamber.
“The difference between 221 and 230, in terms of the House majority, really matters,” Wolfson said.
At 84 years old and one of the wealthiest individuals globally, Bloomberg served three terms as mayor of New York City from 2002 until 2013. He was an independent during that time but later registered as a Democrat. In 2018, he invested $80 million to support the party during midterms while Trump was in office and then made an unsuccessful attempt for the party’s presidential nomination in 2020 with significant funding.
This year’s donations include $24 million to Everytown for Gun Safety-a group he co-founded that backs Democratic candidates in the lower chamber-and $16 million directed towards the House Majority Pac linked with House Minority Leader Hakeem Jeffries.
Democrats feel optimistic about their chances of reclaiming the House this year; however, they recognize that they are currently lagging behind Republicans in fundraising efforts. Alongside Trump’s financial support, Republicans are benefiting from aid by Elon Musk-an ally of Trump-who has contributed $366 million towards conservative groups and campaigns thus far.
Democrats also believe they might gain enough seats to retake control of the Senate; although analysts suggest it could go either way.
Gaining control over either chamber would allow Democrats to obstruct Trump’s legislative initiatives and investigate his administration more thoroughly. Should they achieve a Senate majority, lawmakers could block his nominees for positions on the Supreme Court and other federal judicial roles.
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Bloomberg has contributed $2.5 million to a Super Pac supporting James Talarico-the Democratic candidate running for Texas’s US Senate seat-as well as backing a Super Pac connected with New York Governor Kathy Hochul’s re-election campaign along with several other Democratic gubernatorial candidates’ campaigns reported by the Times.
When asked about how effective he thinks this money will be, Wolfson stated: “He is of the view that resources matter in campaigns.” He added that this billionaire “expects a result.”
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