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US presidential election fundrasing crosses $2 billion mark

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Washington:

Showing no signs of recession, the US presidential polls have sent the cash registers ringing with a record $2 billion being raised by the campaigns of President Barack Obama and his Republican rival Mitt  Romney.

The Obama Campaign along with their joint fundraising group 'Obama Victory' have now collectively raised more than a billion dollars this election cycle, setting a new record in the country's electoral history.

According to latest available figure, the Obama campaign has raised a record $1.037 billion. This is for the first time that any presidential candidate has raised more than a billion dollars in an election cycle.

According to Federal Election Commission (FEC) data compiled by the non-partisan Campaign Finance Institute, Romney campaign has raised $950.7 million.

Then there is the nearly $300 million in donations involving super political action committees since early 2011, as well as tens of millions more in donations to non-profit groups that run election-related ads but don't have to disclose their donors.

Fundraising has been reshaped by the emergence of super PACs and other outside groups, emboldened in part by a Supreme Court decision in 2010.

Financial regulations have been eased and allowing donors to give unlimited sums.

That kind of money has largely made its way to super PACs, which can raise and spend money on behalf of candidates as long as they don't coordinate expenditures or strategy with the campaign.

Yesterday, Romney Campaign announced that it has raised $111.8 million in the first two weeks of October, while the Obama Campaign trailed behind with $90.5 million during the same period.

The figures show that the presidential polls are well on their way to become the costliest in American history.
Till the end of September both groups had brought in $1.5 billion.

Story first published on: October 26, 2012 19:41 (IST)

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