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2006 elections could be most costly in history { October 24 2006 } Original Source Link: (May no longer be active)
http://www.ft.com/cms/s/e7eed3b8-6398-11db-bc82-0000779e2340.htmlhttp://www.ft.com/cms/s/e7eed3b8-6398-11db-bc82-0000779e2340.html
Elections could be most costly in US history
By Holly Yeager in Washington
Published: October 24 2006 21:00 | Last updated: October 24 2006 21:00
Next month’s midterm elections will be the most costly congressional races in US history, with business interests contributing three-quarters of the estimated $2.6bn that will be spent, says a non-partisan research group.
In a report to be released on Wednesday, the Center for Responsive Politics predicted that Republican candidates, parties and advocacy groups would spend $1.4bn (€1.1bn, £746m) while Democratic interests?would spend $1.2bn.
House incumbents had so far out-raised their challengers by 7–2. Senate incumbents had a 4–1 edge over their challengers, the group said.
In most years, that fundraising prowess and the shape of congressional districts give incumbents an edge at the polls. But this year, voter dissatisfaction with Washington could prove a more powerful force in some races. Public opinion polls show Democrats poised to take control of the House of Representatives and perhaps the Senate in the November 7 vote.
Spending by political action committees (PAC), which include business, organised labour and ideologically based groups, was also on track to break a record, exceeding $1bn for the first time, the group said. “PACs give as an investment,” said Sheila Krumholz, acting director of the centre. “They’re giving to make sure that doors are opened and they can pitch their legislative agenda.”
But despite the Democrats’ edge in the polls, the centre said campaign records did not yet indicate that PACs were moving away from incumbents. Instead, the 87 per cent of PAC money going to those already in office was at its highest level since 1990.
Lawyers and law firms had been the most generous industry during the 2005-06 election cycle, followed by pensioners, the real estate industry, and securities and investment firms. More broadly, the finance, insurance and real estate sector continued to dominate in political giving, with more than $183m in the 18 months since the start of 2005.
The centre’s $2.6bn estimate for this year is 18 per cent up on the total spent in 2002, before campaign finance reforms were enacted that were designed to limit the influence of large corporate and labour donors.
The top donors this cycle, based on contributions from PACs and employees, included the National Association of Realtors, Goldman Sachs, the International Brotherhood of Electrical Workers union, AT&T, the National Beer Wholesalers Association and the Association of Trial Lawyers of America, the group said.
Copyright The Financial Times Limited 2006
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