Billionaire and former New York City Mayor Michael Bloomberg is donating $80 million to support Democrats ahead of the midterm elections, with at least $50 million going toward House races, according to The New York Times.
The former mayor’s contributions, made over September and October, include at least $50 million earmarked for House races, The New York Times reported. Bloomberg adviser Howard Wolfson told the newspaper that Bloomberg believes campaign resources matter and that he “expects a result.”
The donation comes as Republicans maintain a significant advertising advantage in competitive Senate races, while the spending gap is much narrower in House contests.
According to a New York Times analysis published Monday (October 19), Republicans are outspending Democrats on advertising by $947 million to $625 million across seven competitive Senate races. In 21 closely contested House races, Republicans hold just a $14 million advertising advantage.
The contribution also comes as some Republicans have expressed concern about their party’s prospects in the House. Sen. Thom Tillis (R-N.C.), who is not seeking reelection, said earlier this month that it was “almost statistically impossible” for Republicans to retain control of the chamber, BIN previously reported.
Republicans currently hold narrow majorities in both chambers of Congress. The midterm elections are scheduled for Tuesday (November 3).
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