U.S. vote in 2012 will be record, $6 billion election

The U.S. elections will bethe most expensive ever, with a total price tag of $6 billion or even more, fueled by millions of dollars in unrestricteddonations as Republicans and Democrats vie for control of the White House, Congress and state governments.
"It's safe to say that, given that we had a $5 billion cycle in 2008, it will certainly be more than that and very likelyover $6 billion, which is just an astonishing growth rate," said SheilaKrumholz, executive director of the Center for Responsive Politics, which tracks campaign spending.
The cost of the electionis surprising given that only the Republican Party is holding presidential primaries, unlike in 2008 when both parties had expensive contests to find a candidate.
One reason it will be so costly this time around is the fundraising powerof leading candidates, even with a sputtering economy and high unemployment. President Barack Obamais expected to at least match the record $760 million he raised to win the White House in 2008and even hit $1 billion.
Obama's Republican challenger will need a similar war chest to compete. Two of the Republican frontrunners,former Massachusetts Governor Mitt Romney and Texas Governor RickPerry, are fundraising heavyweights.
A third Republican, Michele Bachmann, also can bring in the cash andwas the House of Representatives' best fundraiser in 2010.
Fundraising in congressional and local races is also mounting with 14 months to go before the November 6 elections. The money tobe hauled in and spent inthe overall 2012 campaign is equivalent to the GDP of a small country like Nicaragua.
The 2012 candidates forthe U.S. Senate and House of Representatives reported raising $295.2 million in the first six months of 2011, the highest total ever reported for the first half of a non-election year.
Candidates will use the money to pay for staff and travel, but if previous campaigns are any measure they will spend about half on advertising. That is a bonanza for television and radio networks, especially in the hardest fought states.(Reuters)