Top Stories: Republican Eric Hovde Loans Campaign $8M in Race Against US Sen. Tammy Baldwin

Republican Eric Hovde has made a significant move in his campaign for U.S. Senate by loaning his campaign $8 million, quickly closing the fundraising gap with Democratic incumbent Tammy Baldwin. This self-funding strategy has both benefits and drawbacks, as seen in previous examples of self-funders in Wisconsin elections.

In the first quarter of the year, Baldwin raised $5.4 million and spent $3.2 million, finishing with $10 million cash on hand. On the other hand, Hovde raised just over $1 million but used his $8 million loan to spend $3.7 million, leaving him with $5.3 million cash on hand. This early injection of funds is crucial for developing name recognition and reaching voters through advertising.

Political Science Professor Anthony Chergosky noted that early money is often more impactful in campaigns, giving candidates the opportunity to establish themselves in the eyes of voters. Hovde’s lack of primary challengers and the early financial advantage make Republicans optimistic about his chances in the race.

However, self-funding campaigns can have downsides, as donors may be less inclined to contribute to a candidate who is already investing millions of their own money. Previous examples like Tim Michels, who poured $19 million into his unsuccessful gubernatorial campaign, faced challenges in convincing donors to support their campaigns.

Wisconsin has seen several wealthy candidates self-fund their campaigns in the past, with varying degrees of success. From Herb Kohl to Ron Johnson, candidates have used personal funds to support their political ambitions. However, the success rate of self-funded campaigns nationally is relatively low, with only six out of 44 candidates winning their races in 2022.

As the race between Hovde and Baldwin heats up with early donations signaling another expensive campaign, concerns about campaign finance laws and the influence of money in politics are raised. Wisconsin Democracy Campaign Executive Director Nicholas Ramos highlighted the need for reform in campaign finance laws to ensure the voices of Wisconsinites are heard amidst the flood of money in elections.

Overall, Hovde’s decision to self-fund his campaign has reshaped the dynamics of the U.S. Senate race in Wisconsin, setting the stage for a competitive and costly battle for the seat.