Big-Money Donors Spending Big Money to Elect Senate Democrats

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Last updated on September 24th, 2018 at 06:46 am

Wealthy donors — including one prominent Republican — gave over $17 million in August to the main Democratic Senate super PAC. This is a clear sign that many people believe Democrats have a chance to win control of the U.S. Senate as well as the House of Representatives. And they are putting their money where their mouths are.

According to the Washington Post:

“The Senate Majority PAC, which works to elect Democrats to the Senate, posted a strong haul in August at $17.6 million, far above its monthly fundraising average of $10.5 million so far for the midterms. The super PAC has raised $94.4 million so far, compared with the $61.5 million by its GOP counterpart, according to new Federal Election Commission records posted Thursday evening.”

A hedge fund billionaire from Boston named Seth Klarman, who was once the biggest GOP donor in New England, was one of the biggest contributors to the Democratic Senate PAC last month. FEC records show that Klarman gave $1 million to the Senate Majority PAC and $2 million to the super PAC supporting House Democrats last month alone.

Klarman has been living up to his pledge earlier in the year to spend up to $20 million to support Democrats in this year’s crucial elections. By way of contrast Klarman gave “just” $2.9 million to super PACs in 2016, mostly to Republican candidates.

Klarman recently told a New York Times columnist that he has switched parties because he feels “betrayed” by “spineless” Republicans. He said that Republican leaders in Washington have largely been “profiles in cowardice.”

“We need to turn the House and Senate as a check on Donald Trump and his runaway presidency,” Klarman told the Times.

According to the Post analysis, there have been additional rich contributors who donated millions of dollars last month to help Democrats get elected to the Senate.

Among the donors who spent heavily in August to support Democrats were hedge fund founder George Soros and the head of Newsweb Corp., Fred Eychaner, a prominent media mogul.

FEC records show that Eychaner gave $4 million to the Senate Majority PAC, and Soros gave $1.4 million in August. Eychaner also gave another $2 million last month to the House Majority PAC to help Democrats take back control of the U.S. House.

The fact that Democratic Senate candidates are receiving such large sums of money from wealthy donors so close to election day is a totally positive sign for their chances to take back control of the Senate. Big money people don’t waste their money in situations where there is no chance of payback.

The renowned political prediction website FiveThirtyEight.com gives Democrats a one-in-three chance of winning Senate control. As the Kavanaugh drama plays out in the Senate Judiciary Committee, making Republicans look bad, those odds could improve.

Right now, if you “follow the money,” it will lead you to one simple conclusion: There will be big Democratic victories in November.

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Leo Vidal

I am a lifelong Democrat with a passion for social justice and progressive issues. I have degrees in writing, economics and law from the University of Iowa.