US midterms 2026: Political ad spending tops $10 billion — where is the money coming from and what is driving the surge?
Political ad spending for the 2026 US midterms has surpassed $10 billion, projected to reach $11.6 billion by Election Day. This marks an increase from the $8.9 billion spent in 2022, driven by intense competition between Republicans and Democrats for Congressional control. Key races, particularly in Texas, are seeing significant financial backing, with Elon Musk noted as a major donor.