The midterms are shaping up to be the most expensive election cycle in history as campaigns pour huge sums into the ads voters see virtually everywhere. Today, Shane Goldmacher, a national political correspondent for The New York Times, breaks down how Democrats are tying Republicans to President Trump, inflation and corruption, while Republicans are trying to paint Democrats as too liberal. He also weighs in on what those competing messages reveal about each party’s hopes, vulnerabilities and strategy as Election Day nears. Guest: Shane Goldmacher (https://www.nytimes.com/by/shane-goldmacher) , a national political correspondent for The New York Times. Background reading:  • Mr. Trump has wielded an unprecedented $277 million (https://www.nytimes.com/2026/10/20/us/politics/trump-maga-inc-midterms.html) in the final stretch of the midterms. • Both parties are spending enormous amounts of money (https://www.nytimes.com/2026/10/23/us/midterm-campaign-finance.html) to try to win whatever votes are left for the taking before Election Day. • Mr. Trump’s super PAC is flooding Facebook and Instagram (https://www.nytimes.com/2026/10/20/us/politics/trump-maga-inc-super-pac.html?searchResultPosition=10) with targeted ads as it seeks to turn out Republicans amid the president’s historically low approval ratings. Photo: Kenny Holston/The New York Times For more information on today’s episode, visit nytimes.com/thedaily (http://nytimes.com/thedaily?smid=pc-thedaily) . Transcripts of each episode will be made available by the next workday.  For more information on today’s episode, visit nytimes.com/thedaily (http://nytimes.com/thedaily?smid=pc-thedaily) . Transcripts of each episode will be made available by the next workday. Subscribe today at nytimes.com/podcasts (http://nytimes.com/podcasts) or on Apple Podcasts, Spotify and Amazon Music. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.