In Iowa, Democratic attack ads accuse Republican members of Congress Zach Nunn and Ashley Hinson of protecting paedophiles by blocking the release of the so-called Epstein files. Both eventually voted to release the files after US President Donald Trump gave the OK. Hinson, who is in a tough race for the US Senate, hits back in her own ad: 'Men like Epstein who hurt children, they'll have to answer to God. But men who lie about it to win an election? They'll have to answer to you.' Epstein now fuels dozens of TV ads nationwide.
AdImpact, which tracks advertising spending, forecasts $US11.6 billion ($16.4 billion) will be spent on ads alone in the 2025-26 election cycle, more than the $US11.2 billion spent in the 2024 presidential election. Spending on aired and future reservations crossed the $US10 billion mark last week. Races for the Senate have accounted for more than 60 per cent of ad spending aired so far.
Elon Musk has contributed at least $US366 million to Republican campaigns, including more than $US276 million since July 1, according to Federal Election Commission filings. Two payments to the Senate Leadership Fund PAC totalled $US158 million and were transferred to the campaign to elect Ken Paxton over Democrat James Talarico in Texas. 'Elon Musk is trying to buy this Senate seat,' Talarico said this week. 'There is something deeply wrong with a political system that allows one trillionaire to buy his own personal US senator.' Musk has also used his platform X to denigrate Talarico and promote a conspiracy theory about his mental health.
The Republican Party entered the midterms with a massive cash advantage. Its central PAC for Senate races had roughly $US100 million more in the kitty than the Democrats' equivalent at the end of June, and the House fund about $US50 million more. The Republican National Committee had $US130 million in the bank, while the Democratic National Committee was broke after using its Washington headquarters to secure a $US15 million loan. 'It's hard to imagine how an organisation like the DNC could not raise money when you have President Trump in office, but that is what it is,' said Morgan Jackson, a Democratic strategist based in North Carolina.
MAGA Inc, Trump's super PAC, had $US415 million cash on hand and by mid-October had spent about $US300 million. Other major Republican donors include Steve Wynn ($US8 million), Stephen Schwarzman and Diane Hendricks ($US5 million each), and US-born crypto entrepreneur Bijan Tehrani, who lives in Melbourne. On the Democrat side, Michael Bloomberg contributed $US80 million in September and October.
However, Democrats typically raise money through direct contributions to individual candidates' campaigns, which enjoy lower ad rates. The 'lowest unit cost' rule means candidates often pay far less than PACs for TV spots. In the September quarter, Talarico's campaign raised $US60.2 million to Paxton's $US10.2 million; in Ohio, Democrat Sherrod Brown raised $US23.1 million against Republican Jon Husted's $US4.8 million. Across all tight Senate races, Democrats out-raised Republicans multiple times over. The Federal Communications Commission, headed by Trump ally Brendan Carr, recently changed the rules to allow party organisations and joint fundraising committees to access that lower rate, which may shift the balance.