Republican committees pull ahead in spending after Supreme Court lifted limits

what happened

Republican party committees have spent well beyond the old limits on coordinated spending since the Supreme Court struck them down in June, according to Reuters. Their overage stands at more than $126 million, while Democratic committees are over the former caps by more than $46 million. The congressional midterms are set for November 3.

Coordinated outlays from July through September came close to eight times the level seen in the same months of the 2022 midterms. Based on September filings with the Federal Election Commission, Republican committees put roughly $137 million into House and Senate races over those three months, against about $55 million from Democrats.

Much of the jump came in September, when party committees gained access to the discounted broadcast ad rates that candidates have long used. The FCC, where Republicans hold a 2-1 majority, expanded that rule in March, and the Supreme Court twice rejected Democratic challenges to it. Justice Elena Kagan criticized the conservative majority on Tuesday.

why it matters

For markets this is mainly a political signal: party spending is now largely unconstrained, so the funding capacity of committees matters more heading into the vote. At the end of September, the three main Republican committees held about $187 million in cash and $20 million in debt, while Democratic committees had roughly $100 million and nearly $15 million in debt.

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