Wealthy office-seekers spent more of their personal finances last year than ever before to run for Congress. Now, the biggest hurdle faces a significant hurdle.
Democratic Rep. David Trone has donated more than $57 million of his own money to his Maryland Senate campaign ahead of next week's primary election. This is a staggering sum that already ranks as the largest self-funded campaign in U.S. history. But he's not alone. Self-funded congressional candidates contributed more to their campaigns in 2023 than in any other odd-numbered year since at least 2003, totaling $131 million, according to an NBC News review of campaign finance records. was cast.
Led by about $37 million from TRON last year alone, this is part of a recent explosion in spending by wealthy candidates that has fundamentally changed the way campaigns are won and lost, and is likely to This makes it harder than ever for the wealthy to survive. Washington, because candidates are not bound by contribution limits and can donate unlimited amounts to their campaigns.
This trend is impacting everything from open-seat primaries in deep red and blue districts across the country to Senate battles. Trone is seeking to win the Democratic primary over retiring U.S. Sen. Ben Cardin ahead of what is expected to be a costly battle with former Republican Gov. Larry Hogan in November. continues to spend. Also vying for the Democratic nomination is Prince George's County Executive Angela Alsobrooks, who has the support of some of Maryland's most prominent Democrats, but has no plans to spend. He lost to Mr. Tron by a score of 9 to 1.
“I don't believe this is how democracy works. I believe these campaigns need reform,” Allsbrooks said at an April debate hosted by Fox affiliate WBFF in Baltimore. He criticized Tron's self-funding and said her fundraising was evidence of her “broad and growing coalition.” She added, “Money can't buy love, and money can't buy Maryland either.”
Tron pushed back, arguing that relying on his own wealth meant he was not beholden to major donors. During the debate, he cited corporate PACs that have given money to Alsobrooks in the past and questioned whether those companies had America's best interests in mind.
“We have to defund the politics that are really poisoning our system. I'm the only candidate on this stage who doesn't take money from Exxon. They're not helping us on environmental issues. , I don’t think so,” he said.
Tron's spokesperson, Onotse Omoyeni, echoed Tron's debate comments in a statement to NBC News, saying the congressman was “a big fan of special interest groups who pay career politicians to stand in the way of progress.” They denied funding.”
“In the Senate, he won't just veto that money. He's already introduced major reforms to our election system, including banning all dark money and special interest from elections.” added Omoeni.
Trone leads large self-funded pack
Tron's eye-popping spending is part of a long-term pattern for Total Wine & More's billionaire co-owners. He loaned his own campaign about $46 million from 2015 to 2022, before announcing his Senate candidacy. This includes $13 million in his first run for Congress, when he lost in the primary for the vacant seat in Azure adjoining Washington, D.C., and an even larger sum to win his current district in 2018. of funds were spent.
But Tron's self-funding is just the biggest example of a broader trend in Congressional elections. Candidates contributed $61 million to their House campaigns and $70 million to their Senate campaigns in 2023, with nearly half of that coming from Tron in the Senate race.
Ohio Republican Matt Dolan ($7 million) and Florida Republican Sen. Rick Scott ($3.5 million) will be the next largest self-funders in the Senate in 2023, followed by Dolan in the Senate. He was followed by defeated Ohio Republican Bernie Moreno ($3 million). Primary earlier this year.
The other seven Senate candidates whose campaigns are still active all wrote seven-figure checks last year. There are six Republicans: Robin Ficker of Maryland, Brad Wilson of Utah, Keith Gross of Florida, Tim Sheehy of Montana, Sandy Pensler of Michigan, and Sandy Pensler of Pennsylvania. Dave McCormick) and one Democrat. Stanley Campbell of Florida.
Last year, 17 House candidates contributed at least $1 million to their campaigns. Former Rep. Gil Cisneros, D-Calif., loaned the campaign $2.4 million to help him return to Congress, and Rep. Shuli Thanedar, D-Mich., also gave the campaign more than $2 million.
Self-financing of parliamentary elections has increased fairly steadily in recent years, and has increased significantly since the early 2000s.
Congressional candidates loaned their campaigns approximately $14.6 million in 2003. Out-of-year capital increased to approximately $22 million in 2005, to $36 million, and to more than $62 million in 2009 after the election of President Barack Obama. The beginning of the Tea Party Republican wave.
Over the next few years, the net worth decreased. But during the Donald Trump era, after a famous businessman took the White House, self-financing began again. Wealthy candidates poured about $93 million into their House and Senate campaigns in 2017, nearly $64 million in 2019, and a significant increase to about $126 million in 2021. In 2023, it reached $131 million.
Similarly, an increasing number of candidates are looking to seed their campaigns with early funding. Her number of 11 Senate candidates contributing at least $1 million in off years is more than in all other years except her 2021, when 13 candidates contributed. And 17 House candidates are doing so, more than ever.
This initial injection of personal wealth does not necessarily determine the winner of the campaign. Since 2003, only 11 of the 90 congressional candidates who contributed at least $1 million to their campaigns in off-years have won House and Senate races.
This is about 12%, a relatively low win rate overall, but it is much more impressive when you consider that there are thousands of parliamentary campaigns each year, most of which are defeated. And that figure doesn't take into account candidates who loaned their campaigns seven figures in the same year as the election, as Tron did in his multiple House runs.
Relying on private equity early in the process can be a key factor in driving your campaign forward, allowing you to quickly ramp up staff, messaging, advertising, and more without waiting to build out your fundraising infrastructure.
This is one reason why self-funding is especially attractive to non-incumbent candidates. His recent OpenSecrets analysis found that 88% of his own funds in 2023 went to candidates or challengers running for open seats, rather than to incumbent candidates. That share also includes Mr. Tron, who is running for a vacant Senate seat. But even if he were not included, a significant portion of the self-funding would come from candidates for vacant seats or candidates running against incumbents.
