The 2026 midterms arrived with affordability at the front of voters’ minds. Business Insider’s preview said President Donald Trump’s unpopularity had widened the map of competitive races to Texas, Ohio and Kansas, and that Democrats could sweep Republicans out of Congress.
Winning even one chamber, it noted, would let Democrats launch investigations reaching the tech and business elite that courted Trump.
Elon Musk Has Donated at Least $448 Million Ahead of the Midterms
The cost of living loomed large. In an October Gallup survey, most registered voters called the economy very or extremely important, and 42% said gas prices were extremely important, with the Iran war pushing prices up. Prices have risen faster than average hourly earnings for six straight months.
AI was a second storyline, with candidates in both parties accusing opponents of backing data centres. Elon Musk made the biggest bet, donating at least $448 million, including more than $215 million to America PAC, with money steered to Texas Attorney General Ken Paxton’s Senate campaign.
Other major donors included the Uihleins ($150 million), Jeff Yass ($110 million), George Soros ($102 million) and Sergey Brin ($102 million, to fight California’s proposed 5% billionaire tax).
The races to watch included Senate contests in Ohio, Texas and Michigan, House races in Michigan, Ohio, Pennsylvania and Wisconsin, and California’s wealth tax measure.
