A Democrat super PAC with close ties to Senate Majority Leader Harry Reid and supported by huge donations from billionaire supporters has paid for one out of every 20 television ads run during the midterm campaign season, Time magazine reports.
That adds up to over 40,000 political ads purchased nationwide by the Senate Majority PAC in the battle for control of the Senate.
"Senate Majority PAC's dominance this cycle shows Democrats have largely moved past their initial qualms regarding the outside spending frenzy … they are now playing the super PAC game to win," Time reports.
In dollars and cents, this means that Senate Majority PAC has raised over $53 million and spent $47 million in the current campaigns, vastly outdistancing the over $28 million that Republican super PAC American Crossroads has raised.
About $34 million of that money comes from donors who kicked in over $500,000 apiece.
Top contributors include Farallon Capital former head and environmental activist Tom Steyer, who has given $5 million; former New York Mayor Michael Bloomberg, who gave $2.5 million, Newsweb Corp.'s Fred Eychaner, who spent $5 million and James Simons, former Renaissance Technologies hedge fund director, who gave $2 million, according to Roll Call
in an article entitled, "Billionaire Boys Club."
"Dubbed the 'billionaire election' by some, these mid-terms have featured more money than ever spent by the wealthiest Americans and less by small donors. Big-spending outside groups are distilling an already elite donor pool even further, according to the Center for Responsive Politics, and the overall number of individual donors has declined for the first time," Time reports.
Overall, the midterms are expected to see the expenditure of $700 million from outside groups.
In Louisiana, Senate Majority PAC has spent $2.4 million to help Sen. Mary Landrieu, D-La., in her struggle to retain her seat against a challenge by Rep. Bill Cassidy, R-La. The money may be responsible for the race being so close — Cassidy is leading Landrieu by just 4.8 percent in a race that Real Clear Politics
terms a toss-up.
In Alaska, Time reports, Senate Majority PAC has given $8.6 million to Put Alaska First, or 98 percent of the group's funding. The group is backing Sen. Mark Begich, D-Alaska, against his challenger, Republican Dan Sullivan, who is up by 2.5 percent against Begich, according to Real Clear Politics' poll average
Both races are considered too close to call, and Heather Podesta, Democratic fundraiser and lobbyist, told Time, "I would say that one of the reasons why these races are as close as they are and we haven’t seen Republicans break out as expected is the hard diligent work of Senate Majority PAC."
© 2022 Newsmax. All rights reserved.