$2 billion price tag for US presidential election

US election

The 2012 presidential election broke the $2 billion milestone in its final weeks, becoming the most expensive in American political history, according to final federal finance reports released Thursday. The reports detailed a last-minute cascade of money from mega-donors and an onslaught of spending by the Obama and Romney campaigns and "super'' political action committees.

The final campaign finance tallies filed with the Federal Election Commission included nearly $86 million in fundraising for the losing presidential candidate, Republican Mitt Romney, in the election's last weeks. That final burst brought the Romney campaign's total for the election to above $1 billion. Final fundraising and spending totals for President Barack Obama's victorious drive also topped $1 billion.

Surpassing the $2 billion mark was long expected after an election season dominated by the supercharged competitive pressures that both campaigns faced in mounting massive fundraising blitzes to stoke expensive media ad battles and ground wars. The Obama and Romney campaigns each mobilized competing squads of ultra-wealthy fundraisers, sought aid from free-spending allied super PACs and deployed multimillion-dollar media broadsides and armies of organizers.

The final thrust of fundraising included a massive late surge of $33 million in donations to pro-Romney political committees from a single billionaire, Las Vegas casino owner Sheldon Adelson. In all, Adelson and his wife, Miriam, gave Romney and other Republican candidates $95 million during the election season, closing in on the gambling magnate's vow to give $100 million to Republican causes.

The new campaign finance filings covered the final few weeks of the race, when campaign organizations for Romney and Obama, along with a slew of super PACs, raised and spent millions toward the long-expected $2 billion milestone.

Despite Romney's bitter election loss, his national finance chairman on Thursday declared a fundraising victory. Spencer Zwick said ``every dollar we raised was put to use in the effort to elect Mitt Romney'' and described the totals as "the most successful in Republican Party history.''

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