Politics | campaign finance Election 2012's Projected Tab: $5.8B Record amount expected to be spent on presidential, congressional races By Evann Gastaldo Posted Aug 2, 2012 10:21 AM CDT Copied In this July 18, 2012 file photo, Mitt Romney speaks in Bowling Green, Ohio. (AP Photo/Evan Vucci, File) The USA's continuing economic struggles certainly haven't had a negative impact on campaign spending—which could hit nearly $6 billion this year. A non-partisan group estimates that the total spent on presidential and congressional races will hit $5.8 billion, a record number that would top 2008's $5.4 billion by 7%. Of that, the presidential race is expected to cost $2.5 billion, USA Today reports; more than $1 billion has already been spent in that battle. "The real difference this cycle is how great a portion of that money will come from purportedly independent, often secretive groups," says the Center for Responsive Politics' executive director. Read These Next 11 people hurt in a "brutal act of violence" in Michigan. We knew Letterman would pipe up about Colbert eventually. A parent's nightmare, in a white cardboard box. The humans survived this flight; the deer on the ground didn't. Report an error