Democratic presidential candidate Joe Biden (L) and President Donald Trump.
Kevin Lemarque | Reuters
Spending for the 2020 election was already on track to break a record. Now the total is likely to be even greater than the originally forecast $ 10.8 billion.
The amount spent on both the presidential and congressional campaigns will be nearly $ 14 billion, according to the non-partisan Center for Responsive Politics.
According to an updated CRP report, that is more than double the spending for the 2016 election. This election will end in more spending than the two previous presidential election cycles combined.
By election day next Tuesday, the presidential campaign is expected to spend $ 6.6 billion, while races in Congress are expected to end at just over $ 7 billion.
Democrats nearly doubled the spending of Republican candidates up and down. Democratic contenders go into the final week of the election spending $ 6.9 billion, while Republicans poured $ 3.8 billion into the 2020 battle.
CRP changed its estimate from $ 10.8 billion to nearly $ 14 billion, in part due to the enormous amount of donations in the last few months of the election.
Democratic presidential candidate Joe Biden is well on the way to becoming the first candidate in US history to raise $ 1 billion in a single election cycle, CRP said. President Donald Trump's election campaign said Trump raised more than $ 950 million in the 2020 election. These sums do not include how much the Democratic National Committee or the Republican National Committee raised.
The top 10 donors in this cycle have contributed over $ 640 million to date, with most going to outside groups like Super-PACs, which have unlimited funds to raise and spend. Some of the top donors are casino magnate Sheldon Adelson and his wife Miriam; Billionaires Mike Bloomberg and Tom Steyer; and Tim Mellon, chairman of Pan Am Systems.
The new data shows that employees in certain industries, including those on Wall Street, have largely switched to Democrats.
While CRP notes that Biden's campaign is in part run by small donors, executives in the securities and investment industries have seen a significant surge.
Biden ended the 2020 election cycle with over $ 74 million from people on Wall Street, compared to Trump, who received $ 18 million from people in the same industry.