A new analysis from OpenSecrets reveals that the 2024 federal election is set to become the most expensive in U.S. history, with spending projected to reach at least $15.9 billion. This surge in spending is largely driven by outside groups, particularly super PACs supporting Republican candidates, which have contributed significantly to the record-breaking figures.
According to the analysis, outside spending, which includes activities like advertising and canvassing, has already surpassed $2.6 billion. This amount is nearly $1 billion more than what was spent by similar groups at this point in the 2020 election cycle.
The top five megadonors to outside groups in the current election all back Republican causes, with Timothy Mellon leading the pack. Mellon, an heir to the Mellon banking fortune, has donated $125 million to a super PAC supporting former President Donald Trump, further widening the fundraising advantage for conservative outside groups.
OpenSecrets' deputy research director, Brendan Glavin, noted that there seems to be no limit to how expensive U.S. elections can become, as super PACs and billionaires continue to pour money into campaigns in the hopes of influencing election outcomes.
Make America Great Again, Inc., the super PAC supporting Trump's presidential campaign, has been the biggest spender among outside groups, investing over $239 million in efforts to elect the former president. Meanwhile, Future Forward, the primary super PAC backing Vice President Kamala Harris and previously President Joe Biden, has allocated more than $212 million towards its activities.
