How US midterms have cost a record $12bn as cost of living soars

The 2026 US midterms are on track to be the most expensive in history, with nearly $12bn spent by candidates and political groups, according to OpenSecrets. Elon Musk alone has given $445m to Republicans. Democratic candidates are expected to spend more than $2.2bn, compared with $1.4bn by Republican candidates. With the cost of living and affordability central campaign issues, critics argue that such spending gives wealthy donors, corporations and special interest groups outsized influence.