Former New York City Mayor Michael Bloomberg is expected to spend at least $80 million in the 2018 midterm elections supporting Democratic candidates as part of his larger goal of flipping 23 Republican-held seats in the House, to put Democrats back in power, the New York Times reported Wednesday.

Sources close to Bloomberg tell CBS News that they expect his funding could be even higher than $80 million by the end of the midterm spending season.

Bloomberg has been an outspoken voice for center-left politics, and his candidate funding, which the New York Times first reported, could serve Democrats well in the face of Republicans. There have been reports this past year that the DNC is deep in debt, while Politico reported Wednesday morning that the RNC is $47.1 million in the green.

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It is not clear which races Bloomberg will choose to target.

The spending serves as a Democratic response to a consistent flow of Republican money into races, from both individuals and superPACs.

Howard Wolfson, who is overseeing the effort as an adviser to Bloomberg and former executive director of the Democratic Congressional Campaign Committee (DCCC), confirmed the $80 million plan to the Times.