With Super PACs pumping unlimited funds into Mitt Romney and President Obama’s campaigns, the 2012 presidential election may be the most expensive in U.S. history. Projections are that both candidates could spend a billion dollars each.
President Obama wowed voters, his own Democratic party and even the GOP in 2008 when he managed to raise $750 million, much of which came from small micro-donations. In comparison John McCain raised just $250 million during the same time. Now just four years after our first $1 billion presidential race we could be gearing up for a $2 billion 2012 election season.
According to the New York Times Mitt Romney’s campaign hopes to raise $500 million from big donors, $300 million from small donors and an additional $200 million from pro-Romney super PACS.
The Romney campaign and the GOP base say $1 billion is needed because President Obama is expected to cross that threshold himself, although some opponents of big fundraising believe the GOP has thrown out the $1 billion number as a scare tactic to increase fundraising dollars for Romney’s campaign.
In the meantime raising big money from influential businessman will likely not play well for Mitt Romney who has already showed a complete lack of understanding or respect for America’s middle and lower-classes. However big money is exactly what Mitt Romney will likely receive with billionaire investors such as Sheldon Adelson and Foster Friess already coalescing behind Romney as the GOPs best chance to defeat President Obama in the November elections.
To put Obama and Romney’s election spending in perspective, just over $2 billion was spent on all of the 2010 midterm elections as opposed to an international election between just two candidates.
While Mitt Romney took in $10 million in March and the RNC added $13.7 million it is believed that President Obama and his team grabbed a whopping $53 million for their coffers thanks to a far better executed fundraising plan.
It looks like the 2012 election cycle will once again be the battle of the big wallets.