Candidates, groups to spend more than $5B

Candidates for federal office and unaffiliated groups will spend more than $5 billion in this election, with nearly half of the money being spent on the race for the White House, according to a watchdog group. 

The Center for Responsive Politics estimates that campaigns and groups will dole out $5.3 billion for the congressional races and the fight for the White House, with the presidential race consuming an unprecedented $2.4 billion.

{mosads}Executive Director Sheila Krumholz pointed out that the total is larger than the gross domestic product of some countries, naming Belize and Greenland.

She added that presidential candidate fundraising is on track to double what it was in 2004 and triple the 2000 figure.

Much of that is thanks to presidential hopeful Sen. Barack Obama (D-Ill.), who raised a record $150 million in September and has collected more than $600 million.

“Already the candidates alone have raised more than $1.5 billion since the election cycle started in January 2007,” Krumholz said. “This is the first time that candidates for the White House have raised and spent more than $1 billion.”

Krumholz also noted that House and Senate candidates have raised more than $1.5 billion.

The estimated cost of the entire election would be a 27 percent increase over the last presidential election in 2004.

“We’ve marveled for years at the cost of elections, especially during presidential cycles, but this one is the first to cross the $5 billion mark,” Krumholz said. “At the same time, it's encouraging to see more Americans than ever participating in offsetting the traditional dominance of special interests and wealthy donors who might be expecting paybacks.”

Krumholz said Goldman Sachs remains the top corporation, spending more than $5 million on the campaign, and that the National Association of Realtors is the biggest industry association, contributing $3.2 million.