Spending on midterm campaigns surpasses $16 billion

As the midterm campaign comes to a close, spending records for federal and state elections are getting smashed, The New York Times reports.

According to spending records, attack ads, salaries, and get-out-the-vote efforts surpassed $16.7 billion.

"The most expensive race is in Georgia, where Senator Raphael Warnock is defending a seat that he won for Democrats in a fateful special election not even two years ago," The Times' report stated. "In his race against Herschel Walker, the Trump-backed former college football star, the two sides combined have spent a whopping $250 million on ads alone for their general-election battle, according to AdImpact."

Republicans have slammed Democrats as out of touch when it comes to issues such as inflation, crime and immigration -- a message that seems to be resonating with voters.

According to The Times' report, 5.4 percent of the money spent on federal races has come from billionaires.

Read the full report over at The New York Times.