'04 ELECTIONS EXPECTED TO COST NEARLY $4 BILLION

The presidential race alone, fueled by massive spending by President Bush, Sen. John Kerry, the political parties and a host of advocacy groups spending millions on ads and voter mobilization, will cost an unprecedented $1.2 billion or more, according to the Center's estimates.

The spending increases are due in significant part to the sharp rise in limited “hard” money contributions to federal candidates and party committees. The 2004 campaign is the first to take place under the new campaign finance law known as the Bipartisan Campaign Reform Act. The law raised contribution limits for individuals and banned unlimited “soft” money contributions to the national political parties.

“The 2004 presidential and congressional elections will shatter previous records for spending, and the biggest reason is the increase in giving by individuals to candidates and parties,” said Larry Noble, the Center’s executive director.

The largest chunk of money in this year’s elections—by far—is coming from individuals giving to federal candidates and political parties, continuing a years-long trend. Individual contributions will total $2.5 billion by the end of the current election cycle, according to the Center’s estimates. That represents a significant jump over the $1.5 billion in individual contributions raised in the 2000 election cycle.

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http://www.opensecrets.org/pressreleases/2004/04spending.asp