A $2B Election? It's on Track for 2012

Barack Obama raised $750 million for his 2008 run, and John McCain's sum nudged the combined total over the $1 billion mark. How quaint. Come November, the nation's first $2 billion election could be in the books. A memo from the Romney campaign obtained by the New York Times lays out its goal of bringing in $500 million from big donors and $300 million from small donors. It also estimates that pro-Romney super PACS will spend $200 million.

Republicans say the Obama campaign will hit the $1 billion mark, too, though Democrats say that's just a scare ploy to motivate big GOP donors. One thing that should help the Romney campaign's billion-dollar goal: Über-rich donors such as Sheldon Adelson and Foster Friess are finally getting behind the establishment candidate, notes Politico. (More Election 2012 stories.)