Dems Forced To Take Out Huge Loan While GOP Gets Critical $76M Boost In Final Stretch

Senate Democrats are turning to borrowed money for the midterm homestretch, taking out a $15 million loan as billionaire Elon Musk pours another $76 million into the fight to elect Republicans.

The Democratic Senatorial Campaign Committee disclosed the loan in a Federal Election Commission report filed Thursday. The borrowing comes as the party tries to put more races in play before Election Day, with millions already flowing into contests across 10 states.

Republicans, meanwhile, are getting another massive infusion from their biggest financial backer.

Musk contributed $76 million to his America PAC during the first two weeks of October, pushing his total political giving this cycle past $442 million. The group has spent tens of millions on online ads, mailers and text messages aimed at voters in competitive House and Senate races.

The dueling financial moves underscore the costly battle for control of Congress as both parties race to reach voters in the campaign’s final days.

Senate Democrats spent $32 million during the first half of October, roughly half of it on coordinated expenditures across their battleground map.

Ohio accounted for $4.7 million. Iowa, Michigan, Kansas, Alaska and Maine each received more than $1 million, with additional spending in Texas, Georgia, North Carolina and New Hampshire.

The committee reported just over $20 million in cash on hand as of Oct. 14.

Texas has become a particularly expensive front in the fight, with Republican Attorney General Ken Paxton facing Democrat James Talarico in a tight Senate contest.

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Earlier in the cycle, Musk gave $158 million to Senate Republicans’ campaign arm. That money was transferred to a super PAC supporting Paxton.

Talarico has tried to turn Musk’s involvement into a liability for his Republican rival. Responding to an attack from Musk on X, the Democrat argued there was something “deeply wrong with a political system that allows one trillionaire to buy his own personal U.S. Senator.”

Musk’s contributions have also reached House Republicans’ super PAC arm, President Donald Trump’s MAGA Inc. super PAC and a group working to scrap Alaska’s ranked-choice voting system. Individual GOP candidates have received donations as well.

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The Tesla and SpaceX chief’s giving this cycle has already blown past the roughly $290 million he spent in 2024, leaving him far ahead of every other individual political donor.

But the billionaire’s financial role has been far more prominent than his presence on the campaign trail.

Musk has not been appearing alongside Republican candidates this fall as he did in previous campaigns. Some Republicans privately view him as a potential political liability following the party’s defeat in a major Wisconsin judicial election in spring 2025, when his spending and involvement became central campaign issues.

His latest contribution nevertheless gives America PAC another $76 million to deploy as Republicans battle to win the races that will decide control of Congress.

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