Ron Johnson
$ Raised: $11.6 million
$ Spent: $9.1. million
Cash on Hand: $4.5 million

Mandela Barnes
$ Raised: $19.5 million
$ Spent: $17.1. million
Cash on Hand: $3.5 million

In the most recent campaign finance reports, Democratic U.S. Senate candidate Mandela Barnes reported that he had out-raised U.S. Senator Ron Johnson (R-Oshkosh) by almost $8 million. The most recent reporting period, which ran from July 21- September 30, saw Barnes raise $19.5 million and spend $17.1 million. However, despite Barnes raising more, Johnson finished the quarter with more cash in the bank. Johnson reported having $4.5 million cash on hand to finish September, while Barnes only reported having $3.5 million. Barnes raised $6.8 million this latest quarter through un-itemized donations, while Johnson raised $3.8 million through such contributions. Barnes received $1.2 million from transfers, compared to Johnson’s $1.1 million.

Both candidates are fundraising at a higher pace than the last two Senate campaigns in Wisconsin. In 2018, Senator Tammy Baldwin (D-Madison) reported $4.8 million during the same period and Senator Ron Johnson raised $3.5 million during the same period in 2016. The high levels of fundraising are having a direct impact on paid media spending. According to AdImpact, Barnes and his allies have $11 million in paid media secured for the final three weeks of the campaign, whereas Johnson and his backers have $9 million reserved.

The Republican-aligned Senate Leadership Fund still looks to be the biggest spender in the race during its final weeks with nearly $6.6 million on the air, while the Democrat-aligned Senate Majority PAC has nearly $6.3 million reserved. Another key player has been Wisconsin Truth PAC, which has run a stream of ads opposing Mandela Barnes. The group, which is heavily funded by GOP mega-donor Diane Hendricks, collected $16.2 million in the most recent reporting period; $9.4 million of that was from Hendricks. Additionally, during the most recent three-week tracking period, the GOP advantage on ad buys was $20.2 million, compared to $17.5 million by Dems. Most of these resources will be pointed towards the Milwaukee market during the remaining weeks, where candidates and groups are continuing to spend the most.

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