Who's spending big, and where, in most expensive election cycle ever

Political correspondent Lisa Desjardins reports that campaign advertising spending is rising as Election Day nears. The cycle is expected to surpass spending in both previous midterms and presidential elections.

The article highlights major donors and their interests: two people and their firm have spent about $115 million, with AI and cryptocurrency policy among their priorities. Investor Jeff Yass has spent about $94 million this cycle, and school choice is a leading concern for him.

Some money goes to Democratic super PACs, whose spending is difficult to trace, the report says. University of California, Irvine scholar Danielle Thomsen says research has found little evidence that contributions determine lawmakers’ votes; party ties, constituents and personal views matter more.

Still, the report notes that access to political leaders can carry influence. Republicans have a sizeable advertising advantage in bookings for the month before Election Day: $641 million, compared with $490 million for Democrats. Republicans are also distributing their spending across races.