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The 2022 election cycle set a midterm spending record of $16.7 billion, according to OpenSecrets.

The total represents money spent on both federal and state races.

“No other midterm election has seen as much money at the state and federal levels as the 2022 elections,” Sheila Krumholz, OpenSecrets’ executive director, told CNBC. “We’re seeing record-breaking totals spent on elections up and down the ballot.”