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The battle for the White House and Congress poised to hit record-shattering $14 billion

October 28, 2020. Summarized by summa-bot.

Campaign signs are viewed outside an early voting location for the general election during a new coronavirus pandemic, Monday, Oct. 26, 2020, in Kissimmee, Fla. (Phelan M. Ebenhack via AP)

A surge of last-minute money -- driven by the battle over the nomination of Justice Amy Coney Barrett to the US Supreme Court and a fresh influx of funds into the White House race and hotly contested Senate campaigns -- pushes spending to highs not seen before in American politics. And Joe Biden is on pace to become the first presidential candidate to raise $1 billion from donors.

Democrat Joe Biden, who initially struggled to raise money amid a crowded field of vying for his party's nomination, now is poised to become the first presidential candidate to raise $1 billion from donors, excluding donations that landed in the Democratic Party's coffers that also benefited Biden's campaign.

Excluding the spending by two self-funding billionaire candidates -- Bloomberg and California hedge-fund founder Tom Steyer -- Democratic candidates and groups spent $5. 5 billion in this cycle; Republicans, $3. 8 billion.

That marks an unprecedented financial advantage for Democrats. Small-dollar donors account for 22% of the money raised this cycle, up from 15% in the last presidential election cycle. Las Vegas casino magnate Sheldon Adelson and his physician wife Miriam top the mega-donors' list, contributing $183 million to candidates and groups.

So far, the North Carolina Senate race between Republican Sen. Thom Tillis and Democratic challenger Cal Cunningham is the most expensive congressional contest ever -- with about $265 million in spending by candidates and outside organizations.

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