The explosion of 2020 political fundraising and interest by outside groups such as those backed by Michael Bloomberg and George Soros could push spending past $10 billion, more than the total GDP of several nations, including Rwanda, Guam, and Haiti.
At $10 billion, 2020 would be the most expensive race in U.S. history, easily topping the $6.8 billion spent in 2016, according to the Center for Responsive Politics.
The spending will likely be led by $6 billion for advertising among those running for federal offices, including presidential candidates.
The eye-popping number spilled out Tuesday during a hearing for President Trump’s long-stalled nominee to the Federal Election Commission, Texas elections attorney James E. (Trey) Trainor III.
And it came from a senator with lots of presidential election experience, former Democratic 2020 candidate Sen. Amy Klobuchar.
“Experts project that at least $6 billion will be spent in the 2020 election on advertisements alone,” she said at the hearing during which she objected to Trainor’s nomination.
“That doesn’t count the billions that will be spent by the campaigns themselves and the additional billions spent by dark money groups,” she added.
Trump’s campaign and the Republican National Committee, for example, are expected to raise $2.5 billion, Secrets recently reported.
The Democratic nominee and party are expected to raise a bit shy of that.
Plus Bloomberg, who spent over $500 million on his short, losing campaign, is expected to spend heavily for Democrats and Joe Biden, as is Soros.
