Michael Bloomberg, the billionaire former mayor of New York City, reportedly plans to spend at least $80 million to help the Democratic Party regain control of the U.S. House in November.

Bloomberg's hefty contribution was confirmed to the Washington Post by Howard Wolfson, a Democratic political strategist and close Bloomberg aide who will oversee the funds. The New York Times first reported Bloomberg’s planned political spending.

It’s not clear which races Bloomberg plans to focus on.

Bloomberg said in a statement to the Post that Republicans have not delivered results during their tenure controlling both the House and Senate, and argues that a change in power is necessary for members of Congress to reach across the aisle to solve the issues plaguing the country.

"I've never thought that the public is well-served when one party is entirely out of power, and I think the past year-and-a-half has been evidence of that," the statement read.

"I've never thought that the public is well-served when one party is entirely out of power, and I think the past year-and-a-half has been evidence of that." — Michael Bloomberg statement

Bloomberg’s donation, which would make him the Democratic Party’s largest financial backer, underscores his sentiments toward the GOP having “failed” to “govern responsibly.”

"Republicans in Congress have had almost two years to prove they could govern responsibly. They failed," Bloomberg said in a statement, according to the Post.

The registered independent, who ran for office as a Republican in the past, spent just over $20 million during the 2016 elections, supporting both Democratic and Republican candidates, the Post reported.

While making it clear Democrats have his full financial backing in the upcoming House midterm elections, Bloomberg said he will continue to back candidates who share his values, regardless of party.

Bloomberg noted that he has “plenty of disagreements” with Democrats, in particular with their efforts to impeach President Donald Trump – calling it “irresponsible,” the paper reported.

Tom Steyer, who is funding an initiative to impeach President Donald Trump, has donated at least $29 million to Democratic midterm election push.