Five of the most expensive races this cycle

▪ Final economic reports before Election Day

The 2026 midterms have officially become the most expensive election cycle ever, with a handful of races dominating the ad spending charts.

On Monday, the current cycle reached $11.21 billion in ad spending and reservations, surpassing the $11.2 billion spent during the 2024 cycle, which included $3.2 billion for just the presidential race, according to AdImpact .

The firm also found that four races this year rank among the 10 most expensive nonpresidential races on record, with a fifth race this cycle not far behind. The totals below account for ad spending and future reservations through Oct. 27 and include spending in both primary and general elections.

Here are five of the most expensive races this cycle:

The U.S. Senate race in Texas has become the single most expensive nonpresidential race of all time, with $557.6 million in ad spending and future reservations as of Tuesday.

That number includes the notoriously expensive primaries earlier this year. In the general election match-up between Democratic nominee James Talarico and Texas Attorney General Ken Paxton, Republicans have spent more than double what Democrats have spent on the race, according to a separate AdImpact general-election update released yesterday.

Republicans have spent $269.4 million on the general election alone, while Democrats have spent $130.8 million.

However, Talarico has raised more direct donations, while Paxton has largely relied on PAC money, meaning the Democrat is getting a lot more bang for his buck down the home stretch.

The Ohio special Senate race crossed $500 million in ad spending and reservations this week, making this cycle the only one on record to have multiple races surpass half a billion dollars.

This year’s Senate race in Ohio ranks as the third most expensive nonpresidential race of all time, falling behind the 2024 Ohio Senate race, when former Sen. Sherrod Brown (D-Ohio) was unseated by Sen. Bernie Moreno (R-Ohio).

The state got two new senators that following January, when Sen. Jon Husted (R-Ohio) was appointed to fill the seat vacated by Vice President Vance . Brown is now trying to earn his seat back, as Husted, the former lieutenant governor, seeks to win his first election for his Senate seat.

California’s governor’s race has drawn $349.4 million in ad spending and reservations as of Tuesday, becoming the most expensive governor’s race ever, though much of that money was spent on the crowded primary race.

By the June primary, spending had already reached $315.8 million, with billionaire Democrat Tom Steyer accounting for $201.2 million of that total before he lost.

In the general election, former Health and Human Services Secretary Xavier Becerra (D) is heavily favored to defeat former Fox News host Steve Hilton (R).

According to AdImpact’s Tuesday ranking, the 2026 governor’s race ranks seventh on the list of all-time most expensive nonpresidential races.

In eighth place on the all-time list, as of Tuesday, Michigan’s open Senate race had drawn $347.5 million in ad spending and reservations, as Democrat Abdul El-Sayed faces off against former Rep. Mike Rogers (R-Mich.) for retiring Sen. Gary Peters ‘s (D-Mich.) seat.

The primaries alone saw $98.2 million by July 31, a few days before the election, already more than tripling the state’s previous record for a nonpresidential primary. That made it the third most expensive Senate primary on record, according to AdImpact, behind this year’s Senate race in Texas and the 2022 Senate race in Arizona. Much of that spending went to El-Sayed’s Democratic opponent, Rep. Haley Stevens (D-Mich.).

A separate AdImpact update released yesterday put Republican general election spending in Michigan at $143.5 million, compared with Democrats’ $117 million.

The state’s 2020 special election for Senate ranked 10th in AdImpact’s tally, with $303.5 million spent on that race. But this year’s contest for governor falls not far behind, with $297 million spent as of Monday on aired ads and future reservations. That total is largely driven by the $268.5 million in GOP spending — mostly from the personal fortune of Republican nominee Rick Jackson.

Much of the total spending was dished out during the primaries. By mid-June, just days before the GOP runoff, the race had already drawn more than $162 million in advertising, according to AdImpact data analyzed by the Wesleyan Media Project. Republican candidates accounted for roughly $133.6 million of that.

Jackson, a healthcare executive, now faces former Atlanta Mayor Keisha Lance Bottoms (D) in the race to succeed term-limited Gov. Brian Kemp (R). Polling shows the race in a statistical dead heat.

▪ The Hill : Senate Democrats’ PAC spends in South Carolina for first time.

▪ The Hill : Lingering Democratic divisions could preview 2028 challenges.

Federal and state investigations are underway in Alaska involving allegations that Democrats tried to stack the ballot with someone who has the same name as the Republican Senate candidate. According to our parters at Decision Desk HQ, Democratic candidate Mary Peltola has a 60 percent chance to defeat Sen. Dan Sullivan (R-Alaska). I asked Gov. Mike Dunleavy (R) if his state would certify the election if Peltola wins and the investigation is still ongoing.

“We’re going to investigate. If we find out there’s wrongdoing, and if that means that the certification then is stopped or changed, then that’s what happens. But we’re going to work through this thing methodically so that everyone believes that this is done the right way,” Dunleavy said.

According to DDHQ, there’s a 12 percent chance the result in Alaska ends up determining who will control the Senate. However, there appears to be a possibility that Election Day might not be the finish line for the race in Alaska.

By the way, we are having our last Viewer’s Voice segment before the midterms. Want your questions answered by Congress? Email me and my team at viewersvoice@newsnationnow.com . We will put them before Rep. Henry Cuellar (D-Texas) later tonight.

Burman hosts “The Hill” weeknights, 6 p.m. EDT/5 p.m. CDT on NewsNation.

The controversial ad from Ohio GOP gubernatorial candidate Vivek Ramaswamy featuring Amy Acton’s estranged mother is no longer airing , as the campaign said it ran its course. The ad stirred significant backlash to Ramaswamy from both Republicans and Democrats.

DoorDash plans to acquire Instacart for about $17 billion, making it one of the largest grocery delivery companies in the U.S. if it is approved. Instacart will keep its brand name , and customers will be able to continue using the app for their grocery shopping orders.

The head of a Vietnam veterans group told The Washington Post he was misled before the organization endorsed President Trump’s planned 250-foot triumphal arch. A federal judge will hear arguments today on whether to allow construction on the arch to proceed.

Cash is fanned out from a wallet in North Andover, Mass, June 15, 2018. (Elise Amendola, Associated Press file)

FINAL COUNT : The final economic indicators ahead of the midterms were revealed Thursday as the Bureau of Economic Analysis (BEA) showed economic growth and inflation both ticked up.

The country’s gross domestic product increased at an annual rate of 3.4 percent during the third quarter of 2026, from July through September. That’s a jump from the 2.2 percent increase from the second quarter and 2.5 percent from the first.

The boost came as investment in artificial intelligence has surged, with Big Tech companies racing to build out data centers all over the country.

“The U.S. economy is on steroids right now. Growth came in stronger than expected and it’s largely due to the massive AI business investment surge,” Heather Long , the chief economist at Navy Federal Credit Union, wrote to The Hill.

But the strong economic growth came with more inflation. BEA showed the personal consumption expenditures price index, the Federal Reserve’s preferred inflation metric, rose by 0.5 percent last month. It was up 3.6 percent relative to September 2025.

That’s well above the Fed’s 2 percent target for inflation. The agency voted to keep interest rates steady at its meeting Wednesday but is expected to raise rates in December.

▪ CNBC : How affordability, the economy could affect voters’ decisions.

▪ Axios : Long-term care enters affordability debate.

STRICT SCRUTINY : House Oversight Committee Chair James Comer (R-Ky.) launched an investigation Thursday into Mary Peltola ‘s campaign following a New York Times report that it sought to recruit candidates to take votes away from incumbent Sen. Dan Sullivan (R-Alaska).

“Americans deserve answers about this latest attempt by Democrats to defraud the American people, and we will get them,” Comer said in a statement.

He sent letters to Peltola’s former campaign manager and a Democratic operative whom the Times reported was also involved in the alleged operation, requesting they sit for in-person transcribed interviews.

The announcement came after Alaska Gov. Mike Dunleavy (R) ordered an investigation into whether Peltola’s campaign violated state law.

Ballot “stacking” is a practice that has been used by both parties and is not considered to be illegal. Peltola’s campaign had denied any involvement in recruiting another candidate named Dan J. Sullivan .

▪ The Hill : Republicans have knives out for Peltola.

▪ The Associated Press : Justice Department issues new subpoenas in probe.

VIRTUAL SHIFT : The president is wrapping up his midterm campaign blitz with mostly virtual appearances after traveling all around the country this week.

Trumpwas scheduled to travel to Kansas on Saturday to campaign for Sen. Roger Marshall (R-Kan.) and Iowa on Sunday, but a White House official confirmed to The Hill that the in-person events had been cancelled .

“The demand for POTUS [president of the United States] to hold rallies has been huge from our candidates, and we are adjusting to a tele-rally to maximize his reach and communicate with as many voters as possible,” a GOP source said.

The announcement comes as Marshall is fighting for his political life in a close contest against Democrat Adam Hamilton .

Trump is expected to hold telerallies across 19 states in the coming days. He is still scheduled to travel to Daytona Beach, Fla., tonight to campaign for Florida’s Republican candidates.

▪ The Hill : Trump hammers culture war attacks in final South Carolina rally.

▪ The Hill : Vance makes fiery closing pitch for Ken Paxton.

The president will participate in a radio interview at 7:30 a.m. and a pre-taped interview at 1:30 p.m. He will travel to Daytona Beach, Fla., and participate in a telerally on the way at 5 p.m. He will then deliver remarks in Daytona Beach at 7 p.m. before traveling to Palm Beach.

Elon Musk listens as President Donald Trump speaks during an event at the U.S. Institute of Peace, Oct. 8, 2026, in Washington. (Julia Demaree Nikhinson, Associated Press)

SPOTLIGHT EFFECT : The controversy surrounding Ukraine’s access to Starlink and its military version Starshield is casting an spotlight on Elon Musk ‘s enormous influence on the world stage.

Musk acknowledged after about 10 days of confusion and finger-pointing that his company, SpaceX, was responsible for the slowdown of Ukraine’s connectivity.

The Hill’s Julia Shapero and Miranda Nazarro report that who exactly made the decision to slow Starshield down remains contested, but the chaos is underscoring the reach that Musk has on global and military affairs.

“A lot of people are uncomfortable with the idea that an individual like a corporate leader, [is] essentially making foreign policy decisions about access, though it’s not clear what the alternative is in this case,” Michael Horowitz , director of the Defense and National Security program at the Council on Foreign Relations, told The Hill.

Ukraine has relied on Starlink’s commercial services since the Russia-Ukraine war began in 2022. The country later added Starshield through SpaceX’s contract with the Pentagon.

Musk argued Saturday that using the commercial service for “offensive drone strikes to kill people has never been allowed, nor should it be.” Ukrainian officials disputed that it violated the terms of service.

The incident raised concerns among members of both parties about the U.S. being overly reliant on Musk.

▪ CNBC : Vladimir Putin praises Musk as ‘genius’; Russia creating Starlink alternative.

▪ The Hill : Backlash to AI data centers threatens GOP’s grip on Ohio, Texas.

Canada’s Prime Minister Mark Carney, front left, speaks with European Commission President Ursula von der Leyen at the European Parliament in Strasbourg, eastern France, Sept 17, 2026. (Pascal Bastien, Associated Press)

CLOSER BONDS : European Commission President Ursula von der Leyen continued her push to make Canada an “associate member” of the bloc during a meeting with Prime Minister Mark Carney in Montreal on Thursday.

E.U. members including France and Germany have reportedly pushed back on the designation, while still supporting a closer relationship with Canada. However, von der Leyen isn’t giving up on the proposal, which she first floated earlier this year.

She said Canada and the EU would form the core of the proposed “Alliance for the Future ” and other like-minded countries are welcome to join, boosting collective resiliency around critical minerals, supply chains and security, The Associated Press reported .

Carney said the alliance would help Canada withstand economic shocks and limit influence from other countries and technology companies.

“Why does sovereignty matter in a dangerous and divided world? It allows us to withstand shocks,” Carney said at a news conference. “It allows us to live our lives as we choose.”

Carney and von der Leyen first raised the idea of Canada becoming an associate member last month following rising tension between Carney and Trump. The U.S. and Canada have been engaged in a trade war for weeks, slapping wide-ranging tariffs on a variety of goods.

“Canada cannot become a full-fledged member of the EU because of geography, but we both want to bring our relationship to the highest level possible,” von der Leyen said.

▪ The Hill : Carney says Trump moving closer to Canada’s trade position.

The race for Texas governor will decide control of the House , Rep. Linda Sánchez (D-Calif.) writes in The Hill.

To prevent the next Cornell 7 case, we must raise better men , Maryland Gov. Wes Moore (D) writes in The Hill.

People gather outside a hotel near a mural of Dolores Huerta during a vigil to honor the labor organizer, whose advocacy improved conditions for migrant farm workers, Oct. 28, 2026, in Los Angeles. (Jae C. Hong, Associated Press)

And finally … 👏👏👏 Congrats to this week’s Morning Report quiz winners ! Rest in peace, Dolores Huerta.

Here’s who went 4/4: Michael Salanik, Gail White, Harry Strulovici, Joe Winters, Rick Schmidtke, Jenessa Wagner, Jay Rockey, Julie Barnes, Linda L. Field, Wiley H. Pearson, David Newton, Carmine Petracca, JA Ramos, Daniel Beierman and Steve James .

Before she was a full-time organizer, Huerta worked as a schoolteacher .

Former President Obama credited Huerta with inspiring his campaign slogan, “Yes we can.” Huerta coined the rallying cry “Si, se puede!”

Huerta was awarded the Presidential Medal of Freedom in 2012 by Obama.

New Mexico celebrates Dolores Huerta Day annually, since Gov. Michelle Lujan Grisham (D) signed a bill establishing it into law in 2023. Lawmakers in Nevada passed a bill to establish the day last year, but Gov. Joe Lombardo (R) vetoed it .