The 2026 midterms are on track to become the most expensive elections in US history, with Republican Senate candidates raking in hundreds of millions from PACs and Democrats riding a growing wave of individual donations. So who has the edge?

On today’s Big Take podcast, Bill Faries, who oversees Bloomberg’s midterm coverage, and campaign finance reporter Bill Allison join Sarah Holder to break down how each party is raising and spending cash and what it means for control of the Senate — and for the coming presidential race.

Read more: Shifting Senate Map Is Fueling Most Expensive Election Ever

Further Listening: Why Everyone Is Talking About High Diesel Prices

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Host: Sarah Holder; Guests: Bill Allison and Bill Faries; Produced by David Fox and Julia Press; Edited by Jeffrey Grocott; Engineering by Sean Carter.