OpenSecrets predicts that the total cost of the 2024 federal election will reach $15.9 billion, on track to be the costliest ever. 

This estimate is documented in OpenSecrets’ most recent report, which both predicts the total cost of the federal election and dives into some of the main trends seen so far. 

“Spending on the 2024 election cycle started slowly but ramped up significantly when Vice President Harris took over the Democratic nomination.” said Sarah Bryner, OpenSecrets’ Director of Research and Strategy. 

HIGHLIGHTS:

Projected 2024 total cost of election: Over $15.9 billion, surpassing the previous nominal record of $15.1 billion set in 2020.

Outside groups such as super PACs have spent about $2.6 billion on the 2024 federal elections so far, outpacing all previous cycles. If current trends continue, OpenSecrets projects total outside spending will top $5 billion by Election Day.

Groups spending the most money are the presidential-candidate-linked super PACs with Make America Great Again Inc. spending over $239 million supporting Trump, while Future Forward has spent over $212 million supporting Democratic presidential candidates.

The top 10 individual donors have contributed $599 million — accounting for about 7% of total federal election fundraising — while small donors giving under $200 collectively account for just 16% of all money raised.

“Super PACs and billionaires continue to spend more and more hoping to select our elected officials. And right now it is looking as though there isn’t a ceiling to how much an election in the U.S. can cost,” said Brendan Glavin, OpenSecrets’ Deputy Research Director. 

With only four weeks until Election Day, billions more are expected to be spent on 2024 elections.