2008 Presidential Race Tops $1B

Barack Obama Sets Fundraising Record, John McCain Trails

Sep 25, 2008

Candidates in the 2008 presidential campaign have already raised more than $1 billion, an all-time record, and will keep raising money up to Election Day, Nov. 4, 2008.

Running for President of the United States has never been a cheap undertaking. But the 2008 presidential election has already broken all previous fund-raising records and for the first time the candidates have raised more than $1 billion.

According to the Center for Responsive Politics, a non-partisan, campaign-finance watchdog group in Washington, D.C., the current round of fundraising has already eclipsed previous records for presidential campaigns:

Obama Raised the Most Cash

Sen. Barack Obama of Illinois, the Democratic nominee, raised $454 million as of Sept. 21, 2008, according to the Center and Federal Election Commission records, making him the top fundraiser in the history of presidential elections. Sen. John McCain of Arizona, the Republican candidate, raised $230 million in that same period.

Both candidates are still raising money, ensuring an even higher record level by Election Day on Nov. 4, 2008.

23 Other Candidates Sought Campaign Contributions

In addition to Obama’s fundraising prowess, another factor driving the fundraising total beyond the $1 billion mark is the fact that 23 candidates besides Obama and McCain were raising money for presidential campaigns of their own since 2007, the Center reported.

Twelve of the other candidates who have already exited the race were Democrats. Ten were Republicans. Three independent or third-party candidates also raised money for the race, led by consumer advocate Ralph Nader, who raised more than $4.5 million in 2004 and $3 million so far in the 2008 contest, FEC records show.

Campaign Revenue, Expenses Soar

Fundraising has become a crucial test of a presidential candidate's viability as the cost of running a presidential campaign has risen steadily over the past two decades.

The candidates in the 2008 presidential campaign have paid out nearly $150 million in staff salaries alone, according to the Center for Responsive Politics. Their extensive travel by plane, train and automobile cost nearly $120 million so far. Rent on campaign offices set up around the country cost $50 million and postage alone is close to $55 million.

TV Political Ads Most Expensive

The largest expense besides the administrative costs of running a campaign organization is for television advertising, according to the Center’s calculation. Together, the various campaigns have spent nearly $250 million on television advertisements alone, the Center reports.

In an indication of the Internet’s growing influence on the campaigns, web advertising by the candidates topped $25 million so far in the 2008 race, the Center reports

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