The battle for the White House between Republican John McCain and Democrat Barack Obama, which has witnessed one of the most acrimonious campaigns, is also expected to be the most expensive ever with over $5 billion estimated to be spent on the election cycle.
As much $5.3 billion is expected to be spent, an amount that is over the Gross Domestic Product of several small countries, but something that neither Senator Barack Obama nor Senator John McCain and all of their colleagues in the House of Representatives and Senate even wince about for a nanosecond.
According to the Center for Responsive Politics, the presidential race alone is expected to cost $2.4 billion.
According to Sheila Krumholz, the executive director of the CRP, the presidential candidates alone have already raised more than $1.5 billion since the election cycle started in January 2007.
"This is the first time that candidates for the White House have raised and spent more than $1 billion. This year's total is on track to nearly double candidate fundraising in 2004 and triple 2000," Krumholz said in a teleconference.
And for Congress all candidates for the House of Representatives and the Senate have raised more than $1.5 billion, according to data made available as of October 21.
"Weeks before Election Day the 2008 cycle has already surpassed $4.5 billion, $300 million more than the $4.2 billion that had been raised by the conclusion of the 2004 cycle. The overall estimated costs of the 2008 election would represent a 27 per cent increase over the 2004 cycle," Krumholz said making the point that Democrats will have collected 52 per cent more money for their congressional and presidential efforts by the end of this cycle, compared to four years ago.
But Republican fundraising growth, however, has been a meager 2 per cent since 2004.
"This election will blow through historic records on a number of counts. 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. 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. The only payback is a victory on Election Day" the top official of the CRP said.
The breakdown of where the money is coming from is pretty revealing as well with those listing their occupation as "retired" accounting for at least $204 million; lawyers and law firms, $180.9 million; the securities and investment industry, $122.8 million; real estate, $105.5 million, and health professionals $69.6 million.
It is said that business interests account for about 72 per cent of all contributions with ideological, labor and other interests making up the rest.
While lawyers remain strongly in the Democrats' camp and Wall Street favors them, too, some of the other top givers, retirees, real estate and doctors and other health professionals are mostly split at this point between the two major parties.
Democrats have solid support in the number of traditionally supportive industries, of course, including the entertainment industry and among college professors and other educators.
And not surprisingly Republicans count on contributions from the oil and gas, pharmaceutical and manufacturing industries.
Business wise the top corporation in 2008 is once again Goldman Sachs followed by CitiGroup at $4.2 million and JPMorgan Chase & Company at $4.1 million.
The biggest giving industry association is the National Association of Realtors, which has given nearly $3.2 million.
"Wall Street and other industries in the financial sector don't seem to have tightened their belts. No signs of recession in their political giving. Of course, their contributions may be part of a strategy to continue securing government assistance for their businesses as the economy heads further south" the CRP has said.
Interestingly, candidates for Congress in 2008 have spent nearly $95 million from their own pockets to get elected.
"You can't win a seat in Congress without being personally wealthy or knowing a lot of wealthy people who are willing to back you with their money. With Election Day coming up, it's important for candidates and citizens to remember that you can't win without votes, either," Krumholz maintained.
