The 2012 presidential and congressional elections will cost roughly $5.8 billion, making it the most expensive in U.S. history. That’s according to estimates by the nonpartisan Center for Responsive Politics, which predicts about a 7 percent increase from 2008’s $5.4 billion price tag. The presidential race, alone, CRP estimates, will cost about $2.5 billion.
$5.8 billion! That’s nearly twice the state of Wyoming’s entire 2012 budget!
The biggest difference in this year’s election is the sharp rise in contributions – and influence – from outside groups, namely Super PACs. Remember that the current races – both presidential and congressional – are the first in which the new, post-Citizens United rules will be in effect. While outside spending groups did exist in previous presidential election cycles, significant legal developments, including the 2010 U.S. Supreme Court decision – which determined that political spending is a form of protected speech and lifted spending limitations for corporations and unions – have led to a rapid rise in super PACs and other outside spending groups that don’t have to disclose their donors. And that means a deluge of negative campaign ads paid for by organization’s you’ve probably never heard of. Continue reading