Midterms awash with cash

Now Reading:

Midterms awash with cash

Midterms awash with cash
Text size Aa Aa

American may have be struggling out of a recession, but there is no shortage of money on the campaign trail.

Spending on the midterms has shattered all records for congressional and gubernatorial elections.

Rallies and TV ads do not come cheap and it has been calculated that when all the bills are paid close to four billion dollars will have been spent.

That is over one billion dollars more than the last midterm race four years ago.

Much of that extra money is because the US Supreme Court ruled earlier this year that businesses can contribute in political contests.

The most expensive Senate race was Connecticut – $55 million dollars, including $42 million of the Republican candidate’s own money.

Other big spending states were California, Nevada and Florida where the Senate races burned through between $40 million and $44 million.

Hoping to influence future policy law firms have contributed an estimated $100 million, mostly to Democratic candidates.

Investment firms have split their $66 million between the two parties.

Other major contributors include doctors and hospitals, the entertainment industry, and energy producers.

Millions have been used for attack ads, particularly playing on President Obama’s fading popularity.

The Democrats complained that the Supreme Court’s decision helped Republican candidates who are traditionally closer to big business.

But it seems the big winners from this campaign were the TV and radio stations that were paid to run the commercials.