Hi, I'm Dan Premack and welcome to Axios Recap, presented by Facebook.

Today is Friday, October 23rd.

COVID hospitalizations are up, second debate ratings are down, and we're focused on the business of political fundraising.

President Trump's campaign said it just concluded its best ever fundraising day, securing

$26 million in the hours around last night's debate. No word yet on how much team Biden raised,

but even if he didn't raise a nickel, this will still go down as a record-shattering election

season in terms of both money

raised and money spent.

The nonpartisan Center for Responsive Politics reports that the presidential race will cost

nearly $5.2 billion when all is said and done.

And for context, the 2016 race came in below $3 billion.

Biden overall has raised much more than Trump, but this isn't just about Biden and Trump.

House and Senate races are expected to cost $5.6 billion, a 37% jump from 16.

Oh, and within those numbers, three Senate races.

In Kentucky, South Carolina, and Arizona, each, three Senate races in Kentucky, South Carolina and Arizona,

each are coming in at north of $100 million in terms of how much the candidates have raised.

So we wanted to know how this money is being spent, and what happens to all those extra dollars

that get raised by losing candidates or by candidates who don't ever plan to run again

for public office.

That conversation with election law expert Chara Torres-Spellisi in 15 seconds.

We're joined now by Chara Torres-Spellisi, a law professor at Stetson University and author

of Corporate Citizen, an argument for the separation

...