Michael Bloomberg, the billionaire former mayor of New York City, plans to spend as much as $80 million in the upcoming midterms in support of the Democratic Party, according to The New York Times, which cited several of his advisers.
The independent said in a statement that he hopes to flip the House of Representatives to the Democrats. The party needs to win 23 seats in November in order to gain control, CNBC reported.
"I've never thought that the public is well-served when one party is entirely out of power, and I think the past year and half has been evidence of that," Bloomberg said in a statement.
