The upcoming Georgia Senate runoff between GOP Senator Kelly Loeffler and Democratic challenger Raphael Warnock will cost tens of millions of dollars.
According to a GOP strategist familiar with the plans, Republicans should pay at least $ 100 million. This person also noted that Democrats are expected to spend a similar amount. NBC News predicted that Loeffler and Warnock would get into a runoff election after finishing in the top two of several candidates for the seat.
The parties are expected to spend even more if the other Georgia Senate elections between GOP Senator David Perdue and Democrat Jon Ossoff also result in a runoff in January. NBC didn't make a call this race.
Every race has been expensive so far. The data from Warnock and Loeffler have together spent nearly $ 40 million, according to the non-partisan Center for Responsive Politics. Perdue and Ossoff spent nearly $ 45 million. The House and Senate across the country are expected to spend a total of $ 7 billion by the end of the 2020 election cycle.
The Senate Leadership Fund, a super-PAC run by allies of Senate Majority Leader Mitch McConnell, R-Ky., Will lead the GOP's external spending on these issues, according to the GOP strategist.
A democratic fundraiser agreed that both sides are preparing to throw in a lot of money for Georgia over the next few months.
"Both Georgia races are being abandoned. There is more money being spent on both sides than any Senate races in history," said Charles Myers, former Evercore vice chairman and Democratic coordinator. Myers said if asked, he would start raising money for Warnock, and possibly Ossoff, if needed.
Other Democratic donors, including longtime party funder Bernard Schwartz, told CNBC that they are preparing or are already raising money for Warnock and are just waiting for Ossoff to initiate their networks.
Control of the Senate could be at stake if both races go to a runoff.
Still, some party allies told CNBC they are already preparing to tell Democratic leaders that they do not believe the Georgia races are a worthwhile investment as they are not convinced that the candidates will win.
Georgia has historically been held by Republicans. However, in recent years there have been signs that the state has shifted somewhat towards Democrats. According to NBC, the race for 16 votes for the electoral college in the Thursday afternoon presidential race was too short to call.
According to those briefed on the matter, Warnock has started reaching out to some of its top donors to engage in what is likely to be an exhausting fight.
People who refused to appear in this story did so to speak freely.
Warnock himself warned his supporters in an ad on Twitter that "the negative ads are coming". The ad includes a link to his ActBlue page promoting small dollar contributions.
The Senate Leadership Fund has already spent $ 43 million on Ossoff and just over $ 770,000 on Rep. Doug Collins, a Republican who, according to CRP, ran in the special election against Loeffler, Warnock and others.
Your Democratic rivals in the Senate Majority PAC are preparing for both races. They spent over $ 30 million on Perdue, CRP says.
"We are determined to help Rev. Raphael Warnock and Jon Ossoff win these seats in January," Rachel Irwin, a spokeswoman for the Super-PAC, told CNBC. "The Georgia Republican ticket consists of two corrupt, contactless politicians who have benefited from the pandemic and will stop at nothing to impact Georgian health care."
The Lincoln Project, according to people familiar with the matter, will target Loeffler and could get involved in the Georgia Senate's other race if it results in a runoff.
Way to Lead PAC, a hybrid PAC helping candidates vote, plans to give $ 100,000 to the New South Super PAC. This committee also supports Warnock with digital advertisements and other forms of voter placement. The committee was also involved in the other Georgia Senate races and presidential elections between Joe Biden and President Donald Trump.
New South's budget for the 2020 program was over $ 2 million.
Democratic super-PAC American Bridge has already placed an ad against Perdue in anticipation of his race going into a runoff. The spot claims Perdue benefited after glancing at his Senate meetings on the coronavirus pandemic. Loeffler and her husband, Jeff Sprecher, CEO of Intercontinental Exchange, liquidated their individual equity positions and related options after being criticized for selling multi-million dollar shares in the coronavirus pandemic.
Loeffler and Perdue have denied wrongdoing.
A PAC spokesman told CNBC that they too will be promoting these races. The committee specializes in opposition research.
"For the next two months, American Bridge 21st Century will continue to do what we do best: investigate Loeffler and Perdue's seedy records and hold them accountable to Georgia voters as we did last year. You should buckle up. " Zach Hudosn, the group's spokesman, said.
Both Democratic and Republican campaign committees appear to be preparing for both races to go into the January runoff.
The National Republican Senatorial Committee has prepared a variety of voter-contacting tools for each race, including TV and digital advertising, and media replacements.
"David Perdue won this race in regular time and will do so in overtime," said NRSC Executive Director Kevin McClaughlin in a statement.
"Georgia is clearly a purple battlefield state now, and Senator Perdue is a weak, scandal-ridden incumbent who cannot defend his records of outsourcing and corruption," said Scott Fairchild, executive director of the Democratic Senatorial Campaign Committee. "We are ready to help Jon change that Senate seat."