At $6 bn, 2012 US elections most expensive in history

Washington: America's 2012 general elections is all set to be the most expensive one in its history, with the presidential election alone accounting $2.6 billion. With an estimated expenditure of $6 billion, the 2012 election is set to top the last most expensive election — four years ago — by about $700 million, a report released by a not-for-profit think-tank said yesterday."In the new campaign finance landscape post-Citizens United, we're seeing historic spending levels spurred by outside groups dominated by a small number of individuals and organisations making exceptional contributions," said Sheila Krumholz, executive director of the Center for Responsive Politics, after the release of a report in this regard.Not only is the total cost of the election record breaking, but the rate at which spending has increased — and continues to increase — in the closing weeks of the election as well, the report said.[caption id="attachment_510617" align="alignleft" width="380"] AP[/caption]In particular, outside groups are spending furiously. Spending by these groups, for and against the two main presidential candidates, has grown from $19 million per week in early September to $33 million per week in early October, to $70 million during the week beginning 21 October.The presidential election which alone accounts for $2.6 billion, is actually a decrease from 2008, when nearly $2.8 billion was directed at the presidential race, the report said.In 2012, presidential candidates along with major party committees are expected to spend about $2 billion. Outside organisations that report spending to the Federal Election Commission are predicted to spend more than $528million to influence the presidential race.According to the Center For Responsive Politics, spending in congressional races is projected to increase slightly in 2012.House and Senate candidates combined will spend about $1.82 billion, up from $1.81 in 2010.The Obama Campaign kept much of its fund raising in-house, churning to collect millions of small donations at least $214.3 million, the report said, adding, that it also heavily tapped networks of wealthy and powerful supporters, known as bundlers, who combined to raise at least $180.1million.On the other hand, the Romney campaign never reached historic levels of fund raising but was aligned with powerful outside spending groups.While the campaign raised just $389 million (only a relatively small fraction, $70.8 million, raised from small donors), Romney's campaign was undoubtedly buoyed by the support of Restore Our Future, which raised $131.6 million, it said.PTI