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FTWhen Barack Obama was elected president on the back of an army of small donors in 2008, the commonly held wisdom in Washington was that a new model had emerged in how elections would be funded in the future.
Mr Obama’s supporters, giving donations of $25 each over the internet, coupled with substantial support from traditional big Democratic givers, gave him a distinct advantage over rival John McCain. Republicans, unmotivated and lacking the Obama campaign’s organisation, lost the money war.
But 34 days before the congressional elections, the table has turned on Democrats. An influx of cash from a relatively small band of companies and wealthy individuals is having a dramatic impact on races across the country, and heavily favouring Republican candidates who began the election cycle at a financial disadvantage to their Democratic rivals.
Campaign finance experts say Republican donors are not only more motivated in this election, they have also been more adept at taking advantage of changes in campaign finance rules that have eradicated restrictions on big moneyed interests – including labour unions and trade associations.
The Supreme Court’s January ruling, known as Citizens United, and lower court rulings influenced by the decision have given corporations and other outside groups new power to sponsor advertisements that directly support or attack candidates. They have eliminated rules that used to prohibit the groups from running direct ad campaigns in the last 60 days before an election.
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According to a study released by Wesleyan University, advertising spending in the election has far exceeded levels from previous polls. As of September 15, roughly $220m was spend on political ads for congressional races, compared with $135m spent on those races in 2008.
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http://www.ft.com/cms/s/0/675097da-cb29-11df-95c0-00144feab49a.html
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