THE United States' 2026 midterm elections are on course to become the most expensive in history, with campaign spending projected to reach a record US$11.9 billion (RM48.49 billion), amid growing voter dissatisfaction with President Donald Trump and his economic policies.
The projected expenditure, estimated by independent political finance watchdog OpenSecrets, is about 30 per cent higher than the total recorded during the 2022 midterm elections.
Foreign news agencies reported on Wednesday that much of the spending has been driven by outside political groups known as Super Political Action Committees (Super PACs), which can raise unlimited contributions from individuals, corporations, labour unions and other political committees to support candidates independently.
The groups cannot contribute directly to candidates but can spend unlimited amounts on independent political activities supporting or opposing them.
The Federal Election Commission's (FEC) latest report, covering spending up to mid-October, showed that more than US$9.5 billion had already been spent during the current election cycle.
Political Action Committees (PACs) and Super PACs accounted for more than half of the expenditure, contributing approximately US$5.5 billion, with their spending nearly doubling in recent months.
Billionaire Elon Musk emerged as the largest individual donor, spending nearly US$500 million (RM2.03 billion) to support Republican candidates, particularly in Texas, where many of his companies operate.
OpenSecrets Director of Analysis Brendan J Glavin said cryptocurrency companies had also played an active role in the election cycle.
"Cryptocurrency companies have also been active in this election cycle, with Ripple and Coinbase contributing a combined US$63 million (RM256 million) to fund Super PACs advocating for the interests of the crypto industry," he said.
Meanwhile, the liberal-leaning Brennan Center for Justice reported that the 40 largest donors had contributed US$2.4 billion (RM9.8 billion) as of Oct 14, setting a record for that point in a midterm election cycle.
Among major donors to liberal groups were organisations founded by billionaire financier George Soros, including Geosor Corp and Fund for Policy Reform, which contributed a combined US$102 million (RM415 million).
Former New York mayor and businessman Michael Bloomberg was another major Democratic donor, contributing more than US$60 million (RM244.5 million).
Meanwhile, exit polls conducted by SSRS for a consortium of US media organisations, including major television networks and The Associated Press, indicated widespread dissatisfaction with Trump and his administration.
Nearly nine in 10 voters identified the cost of living as a crucial or major factor influencing their decisions, while two-thirds blamed Trump for persistently high prices.
The polls also found that 62 per cent disapproved of Trump's job performance, while three-quarters said they were either angry or dissatisfied with the direction of the country.
About seven in 10 voters also wanted Congress to impose stronger checks and balances on the president.
The findings suggested that economic concerns, including the impact of the Iran conflict and tariffs on imported goods, had become major sources of voter discontent as Americans voted on Nov 3 to determine control of Congress for the final two years of Trump's term. - November 4, 2026
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