The 2020 Presidential election is turning out to be the most expensive election in history and twice as expensive as the previous presidential election cycle, with the total cost of the election expected to reach an unprecedented USD 14 billion, a research group said.
The Center for Responsive Politics said that an "extraordinary influx" of political donations in the final months - driven by a Supreme Court battle and closely watched races for the White House and Senate - pushed total spending in the election past the previously estimated 11 billion dollars figure.
The Center said that the 2020 election will cost USD 14 billion, shattering spending records.
Democratic presidential nominee Joe Biden will be the first candidate in history to raise USD 1 billion from donors.
His campaign brought in a record-breaking USD 938 million through October 14, riding Democrats' enthusiasm to defeat Trump. President Donald Trump raised USD 596 million, which would be a strong fundraising effort if not for Biden's immense haul.
"Even amid a pandemic, everyone is giving more in 2020, from ordinary individuals making small donations to billionaires cutting eight-figure checks to super PACs.
Women are smashing donation records, and Americans are increasingly donating to candidates who aren't running for office in their state," it said in a statement.
The 2020 election is more than twice as expensive as the runner up, the 2016 election.
This year's election will see more spending than the previous two presidential election cycles combined, said the Center for Responsive Politics, a nonpartisan, independent and nonprofit research group that tracks money in US politics and its effect on elections and public policy.
"Donors poured record amounts of money into the 2018 midterms, and 2020 appears to be a continuation of that trend - but magnified," said Sheila Krumholz, executive director of the Center for Responsive Politics.
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