Michael Bloomberg pledges $80M to help Democrats win midterms

June 20 (UPI) -- Billionaire Michael Bloomberg said he will spend $80 million to help Democrats take the House during this year's midterm elections.

The former mayor of New York City, who was a Republican before turning independent, said he has supported candidates from both parties and will continue to do so this year. But now he's increasing his spending efforts to ensure Democrats win the majority of seats in Congress because Republicans have showed "feckless leadership."

"Republicans in Congress have had almost two years to prove they could govern responsibly. They failed," Bloomberg said in a statement. "As we approach the 2018 midterms, it's critical that we elect people who will lead in ways that this Congress won't -- both by seeking to legislate in a bipartisan way, and by upholding the checks and balances that the Founding Fathers set up to safeguard ethics, prevent the abuse of power and preserve the rule of law. And so this fall, I'm going to support Democrats in their efforts to win control of the House."

Bloomberg added: "I have plenty of disagreements with some Democrats, especially those who seek to make this election about impeachment. Nothing could be more irresponsible. But I believe that 'We the People' cannot afford to elect another Congress that lacks the courage to reach across the aisle and the independence to assert its constitutional authority. And so I will support Democratic candidates who are committed to doing both."

According to The New York Times, Bloomberg hasn't picked which races he wants to funnel money into, but the staunch gun control advocate is unlikely to choose races in conservative areas where his anti-gun views would be a detriment.

With the $80 million warchest, Bloomberg will easily outspend Republican megadonor Sheldon Adelson, who put $30 million into a pro-GOP SuperPAC last month.