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2008 Presidential Race May Cost $1 Billion
The 2008 presidential campaign will produce the first $1 billion race, the head of the Federal Election Commission predicted Tuesday.
FEC Chairman Michael E. Toner also said the $500 million that each party’s candidate would need to compete will severely limit the field of contenders.
"The 2008 presidential election will be the longest and most expensive in United States history," Toner told The Washington Times.
"The nominee of each major party is likely to opt out of the public-financing system for the first time ever for the general election.”
In 2004, both Sen. John Kerry and President Bush considered turning down $75 million in public financing for the general election so as not to face a spending cap. But they decided to accept the money for fear of an out-of-control money-raising race, officials told the Times. Kerry and Bush did, however, shun federal matching funds for their primary contests.
Story Continues Below Toner said that contenders will need to raise $100 million by the end of 2007 to be taken seriously by potential major donors or the press.
Two leading candidates are considered safe bets to spurn public financing for both the primaries and general election, the Times reported.
Arizona Republican Sen. John McCain has the proven money-raising ability to campaign without public funds.
On the Democratic side, Sen. Hillary Clinton is the best bet for non-public financing in her party, according to strategists who spoke to the Times.
"Hillary can raise $350 [million] for the primary and another $250 [million] for the general," one official said. If he decides to run, former New York City Mayor Rudolph Giuliani is also expected to have little trouble raising money, according to the Times.
Toner added that the huge amounts of money required for the 2008 campaign would winnow out many potential candidates earlier than usual in what will likely be a very large field in both parties.
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