Michael Bloomberg to spend $80m helping the Democrats in key races at the November midterms

Michael Bloomberg to spend $80m helping the Democrats in key races at the November midterms


Could this help turn the tide?

For nearly a year the betting markets have made a Democratic party House win in November’s midterm the favourite. These, of course, are the key elections that come up half way through a presidential term when the whole of the House is up for election as well as about a third of the Senate. The Democrats margin has narrowed very sharply on Betfair but the blues are still just ahead. From the betting perspective this is viewed as being very tight.

What could turn out to be highly significant news in US electoral politics is not Trump’s u-turn on separating immigrant children from their parents but that ex-New York mayor, Michael Bloomberg has announced plans that could make a huge difference in the coming elections. These should give a good take on how Trump’s Republicans are doing and whether or not the incumbent might succeed in winning the nomination again and going for a second term.

Also if the Republicans lose control of the House then it could impede Trump’s ability to bring in legislation.

This is how the New York Times is reporting the development:

“..Mr. Bloomberg … has approved a plan to pour at least $80 million into the 2018 election, with the bulk of that money going to support Democratic congressional candidates, advisers to Mr. Bloomberg said.

By siding so emphatically with one party, Mr. Bloomberg has the potential to upend the financial dynamics of the midterm campaign, which have appeared to favor Republicans up to this point. Facing intense opposition to President Trump and conservative policies, Republicans have been counting on a strong economy and heavily funded outside groups to give them a political advantage in key races, especially in affluent suburbs where it is expensive to run television ads.

Mr. Bloomberg’s intervention is likely to undermine that financial advantage by bankrolling advertising on television, online and in the mail for Democratic candidates in a dozen or more congressional districts, chiefly in moderate suburban areas where Mr. Trump is unpopular. Democrats need to gain 23 congressional seats to win a majority..”

Mike Smithson

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