Outside spending on 2024 federal races is outpacing all previous election cycles, according to an OpenSecrets analysis of campaign finance reports.
Super PACs and other outside groups that can raise and spend unlimited sums of money on federal elections have already poured nearly $318 million into spending on presidential and congressional races as of Jan. 14 — more than six times as much as had been spent at this point in 2020.
Outside spending thus far has also eclipsed the prior record of $162 million spent over a similar period in the 2016 election cycle, when Republicans last held a competitive presidential primary. Campaign finance reports analyzed by OpenSecrets cover spending from Jan. 1 2023 through Jan. 14, 2024.
The spending spree kicks off what could be a record-breaking election year, with former President Donald Trump mounting an aggressive campaign to win back the White House and both parties battling for control of Congress and multiple state legislatures. AdImpact, an analytics firm, projects that spending on political advertising up-and-down the ballot this cycle will hit $10.2 billion.
Outside spending thus far has been concentrated largely on the Republican presidential primary, with super PACs and other outside groups spending more than $297 million on the election ahead of the nation’s first nominating contest in Iowa on Jan. 15.
Trump, who won the Iowa caucus with a record-setting 51% of the vote, remains the dominant frontrunner — leading his closest opponent by more than 51 points, on average, in national polls.
Florida Governor Ron DeSantis and former U.N. Ambassador Nikki Haley are each polling around 12% but hope to build on momentum in primaries in New Hampshire next week and South Carolina in February.
The pro-Haley SFA Fund emerged as the single largest outside spender in recent weeks as it capitalized on the former diplomat’s rising poll numbers. The super PAC — bankrolled by conservative megadonors, including billionaire investor Stanley Druckenmiller and Home Depot co-founder Ken Langone — has spent $68.1 million on the race.
Also backing Haley is Americans for Prosperity Action, a super PAC at the center of a network of conservative donors and activists led by billionaire Charles Koch. AFP Action, which signaled its opposition to Trump in early 2023, endorsed Haley in November. It has spent about $46.8 million on the election.
Make America Great Again Inc., a super PAC aligned with Trump that is commonly known as MAGA Inc., also ranks among the top outside spenders, with $47.9 million spent on the election thus far.
Despite Trump’s commanding lead in the polls, his primary challengers and their allies have been reluctant to attack the former president. Outside groups including Americans for Prosperity Action and Win it Back PAC, a super PAC affiliated with the conservative Club for Growth, have spent about $22.2 million opposing Trump.
Coming in fourth is the pro-DeSantis super PAC Never Back Down, with about $37.8 million spent.
Instead, DeSantis has been the target of most negative outside spending, with SFA Fund and MAGA Inc. spending about $47.2 million opposing the Florida governor — more than six times the negative outside spending any past presidential candidate had attracted through this point in the cycle.
Biden is the fourth-most attacked candidate with outside groups spending about $20 million opposing the Democratic president.
Committees Researcher Andrew Mayersohn contributed to this report.
Truthout Is Preparing to Meet Trump’s Agenda With Resistance at Every Turn
Dear Truthout Community,
If you feel rage, despondency, confusion and deep fear today, you are not alone. We’re feeling it too. We are heartsick. Facing down Trump’s fascist agenda, we are desperately worried about the most vulnerable people among us, including our loved ones and everyone in the Truthout community, and our minds are racing a million miles a minute to try to map out all that needs to be done.
We must give ourselves space to grieve and feel our fear, feel our rage, and keep in the forefront of our mind the stark truth that millions of real human lives are on the line. And simultaneously, we’ve got to get to work, take stock of our resources, and prepare to throw ourselves full force into the movement.
Journalism is a linchpin of that movement. Even as we are reeling, we’re summoning up all the energy we can to face down what’s coming, because we know that one of the sharpest weapons against fascism is publishing the truth.
There are many terrifying planks to the Trump agenda, and we plan to devote ourselves to reporting thoroughly on each one and, crucially, covering the movements resisting them. We also recognize that Trump is a dire threat to journalism itself, and that we must take this seriously from the outset.
Last week, the four of us sat down to have some hard but necessary conversations about Truthout under a Trump presidency. How would we defend our publication from an avalanche of far right lawsuits that seek to bankrupt us? How would we keep our reporters safe if they need to cover outbreaks of political violence, or if they are targeted by authorities? How will we urgently produce the practical analysis, tools and movement coverage that you need right now — breaking through our normal routines to meet a terrifying moment in ways that best serve you?
It will be a tough, scary four years to produce social justice-driven journalism. We need to deliver news, strategy, liberatory ideas, tools and movement-sparking solutions with a force that we never have had to before. And at the same time, we desperately need to protect our ability to do so.
We know this is such a painful moment and donations may understandably be the last thing on your mind. But we must ask for your support, which is needed in a new and urgent way.
We promise we will kick into an even higher gear to give you truthful news that cuts against the disinformation and vitriol and hate and violence. We promise to publish analyses that will serve the needs of the movements we all rely on to survive the next four years, and even build for the future. We promise to be responsive, to recognize you as members of our community with a vital stake and voice in this work.
Please dig deep if you can, but a donation of any amount will be a truly meaningful and tangible action in this cataclysmic historical moment.
We’re with you. Let’s do all we can to move forward together.
With love, rage, and solidarity,
Maya, Negin, Saima, and Ziggy