Megadonors Slash Support For Democrats

Republican-leaning groups outspend Dem counterparts on TV by more than seven to one on Senate races

Many wealthy Democratic patrons, who in the past have played major roles financing outside groups to help elect the party’s candidates, are largely sitting out these crucial midterm elections.

Democratic donors like George Soros, the bête noire of the right, and his fellow billionaire Peter B. Lewis, who each gave more than $20 million to Democratic-oriented groups in the 2004 election, appear to be holding back so far.

“Mr. Soros believes that he can be most effective by funding groups that promote progressive policy outcomes in areas such as health care, the environment and foreign policy,” said an adviser, Michael Vachon. “So he has opted to fund those activities.”

The absence of these Democratic megadonors is contributing to a huge disparity in spending between pro-Republican and pro-Democratic groups. The groups wield huge influence in many House and Senate races because they can take in contributions of unlimited size.

GO HERE to read more.