Costliest Ever Presidential Race
The election battle taking place between incumbent President Barack Obama and Mitt Romney for the White House will be the costliest ever by a large margin. There are two reasons that will make it the most expensive. First, both parties, for the first time, are declining post Watergate campaign financing and the spending limits that come attached. In addition, the super PACs proliferation is adding millions and millions into the campaign for both sides, with most being spent on advertising.
Going forward, television ads are going to blitz the screens across the country, especially in states that are considered battleground or swing states. Obama has held an advantage in fund raising, as he has not faced any opposition in primaries. However, Romney will pass the needed delegate count most likely on Tuesday in Texas and he will start catching up on fundraising through conservation donors who will start to open their wallets.
Over $450 million had been raised through the end of April by Obama and other Democratic groups that support him and there is still over $150 million of that sitting in the bank. Romney and the Republicans supporting him have raised over $400 million during that same period and have close to $80 million still in the bank.
Both Obama and Romney are aiming at raising over $800 million each, which would mean their combined election campaign spending could surpass $1.6 billion. Add to that a few million for the different super PACs and money spent at the two national conventions and the figure becomes enormous.