Democrat James Talarico, 37, of Austin, is running about even with Republican Attorney General Ken Paxton in the U.S. Senate race, which the report describes as the most expensive Senate race in the country. Republicans are heading toward Election Day concerned about a Democratic win in Texas, a state the party has long held. Early voting has shown what the report calls tepid Republican turnout.

The report says control of the U.S. Senate could depend on the outcome in Texas. Its effects could also reach past this year. A Talarico win could affect the 2028 presidential race, and Texas is set to gain congressional seats and electoral votes after the 2030 Census. Paxton's own party spent nearly $100 million on attacks calling him unfit for office, according to the report.

Manny Garcia, a former executive director of the Texas Democratic Party, said winning a statewide race in Texas would change the political landscape. "The whole world changes when you break through and win a statewide race in Texas," he said.