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How money actually works in American elections

Abdul El-Sayed overcame a major financial disadvantage to win Michigan’s Senate Democratic primary. | Bill Pugliano/Getty Images The 2026 midterm cycle is projected to be the most expensive election cycle in US history, with candidates across the board raising money at a record pace. And voters are taking notice: Big-donor groups tied to issues like Israel policy, AI, and crypto have become major flashpoints in primary races in both parties. Campaign spending alone doesn’t determine elections. The recent Democratic Senate primary in Michigan was the most expensive Democratic congressi...