2020 Election spending projected to reach $11 billion, most expensive in history

Federal candidates and political action committees will have spent about $11 million on the 2020 election cycle, far surpassing the previous 2012 record of $7.1 billion, according to the Associated Press.

The wire service report was based on a projection from by the Center for Responsive Politics, a nonpartisan Washington-based group that tracks money through the U.S. political system. The expected spending is 50 percent higher than spending for the 2016 election.

So far, $7.2 billion has been spent but will increase when reports for the last quarter are released on October 15.

“The 2018 election smashed fundraising records for midterms, and 2020 is going to absolutely crush anything we’ve ever seen – or imagined – before” said Sheila Krumholz, the group's executive director. “This is already the most expensive presidential election in history and there are still months of election spending to account for. The unanswered question is whether this will be the new normal for future elections.”

President Trump has spent over $1 billion. Democratic challenger Joe Biden has spent far less but is expected to ramp up spending in the final weeks of campaigning.