The total cost of the 2024 federal election is expected to hit $15.9 billion, making it the most expensive in history, according to OpenSecrets. Adjusted for inflation, this figure will fall short of the amount spent during the 2020 election, but this is largely due to reduced spending on presidential primaries this cycle—as Joe Biden faced no serious competition in the Democratic race prior to being replaced by Kamala Harris in behind-the-scenes deals. Donald Trump dominated the Republican race such that most of his competition crashed out early on.
OpenSecrets, a nonprofit that tracks political donations and spending, released this estimate in a recent report, highlighting key trends in the current election cycle. Sarah Bryner, OpenSecrets’ Director of Research and Strategy, noted, “Spending on the 2024 election cycle started slowly but ramped up significantly when Vice President Harris took over the Democratic nomination.”
“While it may be true that after inflation adjustments, 2024 doesn’t exceed the 2020 records, we must also remember that 2020 itself smashed previous records,” she added.
So far, outside groups, including super PACs, have spent approximately $2.6 billion on the 2024 federal elections. If current trends continue, OpenSecrets projects outside spending could exceed $5 billion by Election Day.
The top 10 individual donors have contributed $599 million, accounting for about 7 percent of the total federal election fundraising. With less than a month until Election Day, spending is expected to surge further.
“There may be a saturation point where elections can no longer get more expensive, but we haven’t reached it yet,” remarked Brendan Glavin, OpenSecrets’ Deputy Research Director,
