Bloomberg supports the Democrats with 80 million... and Trump pledges 400 million to the Republicans

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The American billionaire and former New York Mayor Mike Bloomberg spent $80 million during the months of September and October to support the Democratic Party's efforts to regain the majority in the US House of Representatives during the upcoming midterm elections, according to what the New York Times reported on Tuesday, citing his team.

The announcement came shortly after US President Donald Trump, who is also a billionaire, pledged to spend $400 million to support Republican candidates, in a move that reflects the escalation of financial spending on election campaigns with increasing Republican concerns about maintaining the majority in both chambers of Congress.

Howard Wolfson, a political advisor to Bloomberg, told the newspaper that the latter “sees that financial resources are important in election campaigns,” adding that Bloomberg “expects to achieve results” from his spending.

According to an analysis conducted by CNBC of US Federal Election Commission data, the new spending places Bloomberg among the five largest individual donors to the Democratic Party during the 2025-2026 election cycle. Before announcing the new amount, Federal Election Commission records indicated that Bloomberg donated about $23 million to Democrats and their affiliates during the current election cycle.

By the beginning of October, Bloomberg had allocated $11 million to a super PAC supporting Democratic candidate McCasel in New York's 12th Congressional District, along with $2.5 million to support Pennsylvania Governor Josh Shapiro's re-election campaign.

On the other hand, Trump said, in a post on his “Truth Social” platform, that he and the political committees affiliated with him spent more than $300 million to support Republican candidates, through advertisements, communicating with voters, election rallies, and mobilizing voting participation. He pledged that total spending would exceed $400 million by Election Day, November 3.

However, records available with the Federal Election Commission as of Tuesday afternoon showed about $200 million in identifiable spending and ad bookings related to Trump’s political moves, leaving a gap between the numbers shown in public records and the total spending announced by the US President.

Trump said in September that he had "nearly a billion dollars" in the super PAC MAGA Inc, and that he planned to spend between $400 and $500 million on the midterm elections. But the committee disclosed at the time that it possessed about $403 million in cash, an amount less than half the number indicated by Trump.

These moves come at a time when multiple opinion polls indicate intense competition for congressional seats, amid political analysts' expectations about the possibility of transferring control of the House of Representatives to the Democrats, with the competition for the Senate majority remaining open according to the results of opinion polls.