(CNN) Former New York City Mayor Michael Bloomberg intends to spend an eye-popping $80 million on the midterm elections, throwing most of his financial weight behind Democrats in their effort take control of the House of Representatives this fall.

Bloomberg's 2018 plan, which was first reported by The New York Times and confirmed to CNN by his adviser Howard Wolfson, positions him as one of the largest donors to Democrats this cycle.

The cash infusion will be a major boon for Democrats in what promises to be an expensive election year, even as party leaders have been optimistic about their odds. House Republicans and their allies have been raising money at an impressive clip, but Bloomberg's commitment is poised to swamp those of even the wealthiest Republican donors. Casino magnate Sheldon Adelson, for example, recently pledged $30 million to re-elect House Republicans.

In a statement, Bloomberg said Republicans had "failed" in their control of Congress.

"And so this fall, I'm going to support Democrats in their efforts to win control of the House," Bloomberg said.

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