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George Soros Braces for Republican 'Avalanche

Billionare financier George Soros announced today that he will official fund the group Media Matters with a $1 million donation, aimed at fighting Fox News and Glenn Beck.

Liberal billionaire George Soros has been a big financier of Democratic campaigns in the past, but this year he's saving his money. With Democrats facing a significant up-hill battle to retain their majorities in the upcoming midterm elections from Republican challengers, Soros says he's not feeling optimistic.

"I made an exception getting involved in 2004,” Mr. Soros, 80, told The New York Times Friday. “And since I didn’t succeed in 2004, I remained engaged in 2006 and 2008. But I’m basically not a party man. I’d just been forced into that situation by what I considered the excesses of the Bush administration.”

Though he says the prospect of a Republican-controlled Congress concerns him, Soros says he's not in a position to stop it. "I don't believe in standing in the way of an avalanche," he said.

Instead of directing donations to political candidates and campaigns, Soros is channeling his money toward groups who work on specific issues he supports, including expanding health care and environmental policies.

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