May’s GOP primaries are big-money affairs

Now that May is upon us, midterm election season has begun in earnest: 13 states head to the polls to vote in primaries this month, including elections in Ohio and Indiana today. Haven’t we missed this, folks? No? Okay.

Candidates in bitterly fought GOP races in Ohio and Pennsylvania have spent tens of millions of dollars on advertising, with big donors footing much of the bill. Let’s take a look inside the races that are starting to look like a Marvel budget.

Ohio

Ohio’s highest-profile election is the Republican primary to replace retiring US Senator Rob Portman (R). The race has seen candidates and interest groups spend or reserve $66 million on television and radio ads—making previous state spending records look like outlet prices. Seven candidates are on the ballot, but there are three frontrunners:

• JD Vance: The Hillbilly Elegy author who once publicly blasted Donald Trump as “noxious” and an “idiot” has since become a staunch supporter, earning the former president’s endorsement (which pushed him to the front of the polls). His super PAC recently received a $3.5 million donation from billionaire Peter Thiel.
• Josh Mandel: The former state treasurer has claimed that there is “no such thing” as the separation of church and state and has banked millions in PAC donations from Ohio conservative groups (leading to some infighting among GOP insiders).
• Mike Gibbons: A millionaire investment banker, he’s outspent rivals on advertising and personally loaned his campaign around $17 million.

Pennsylvania

Jumping ahead, on May 17 GOP voters in Pennsylvania will choose between TV personality Dr. Mehmet Oz and former hedge fund CEO David McCormick, who are aiming to replace retiring Senator Pat Toomey. Trump, having dabbled in TV himself, endorsed Dr. Oz in April.

Advertising spend in the GOP primary hit $45 million as of late April, with Wall Street money pouring into the campaigns of both candidates.

• FEC records show that nearly 60 Goldman executives have donated directly to McCormick’s campaign.
• Citadel CEO Ken Griffin has donated $7.5 million to a pro-McCormick super PAC so far.

Zoom out: With Democrats holding the slimmest of margins in the Senate, the outcome of the midterm elections will be pivotal in determining the direction of President Biden’s agenda during the final two years of his term.—MK