Former New York City Mayor Michael Bloomberg has pledged to spend $80 million on the midterm elections this year, with most of it going to help congressional Democrats retake the House.

Bloomberg, a political independent who served as mayor for two terms, has blasted Republicans' ability to govern while controlling both chambers of Congress and the White House.

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“Republicans in Congress have had almost two years to prove they could govern responsibly. They failed," Bloomberg said in a statement reported by The New York Times on Wednesday.

“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 half has been evidence of that,” he continued.

Bloomberg argued that Republicans “have done little to reach across the aisle to craft bipartisan solutions — not only on guns and climate change, but also on jobs, immigration, health care, and infrastructure.”

Sources close to Bloomberg told the Times that the billionaire media mogul is unlikely to spend the capital in more conservative, rural districts, instead favoring suburban districts where his views on gun control and the environment are more palatable to moderate voters.

The move is an important investment for Democrats ahead of November's midterm elections as the party attempts to pick up 23 seats in the House to regain a majority.

The Democratic House campaign arm reported that in April it had surpassed fundraising totals of its GOP counterpart, overcoming a previous cash disadvantage.

House Democrats raised $11.2 million in April and spent about $5.4 million while House Republicans raised just $5.4 million and spent $4.6 million.

According to a Fox News poll released last week, Democrats hold a 9-point advantage over Republicans on a generic ballot for control of the House in November.