US campaign fundraising will set new records this year

Significance

The possibility that Republicans will take control of both houses of Congress has led to record funding for this stage of an election cycle. Records are being set for both large and small contributions. The 2022 midterms will bring a major increase in campaign spending.

Impacts

• Democratic fundraising efforts are likely to be hampered by President Joe Biden’s lagging approval numbers.
• Committees will raise most funds but the pulling power of some individuals will give them particular influence.
• Donald Trump began 2022 with USD122m in his political war chest, twice as much as the Republican National Committee.