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 New Fox star, 23, misses first day after car troubles. Iran's supreme leader makes first public comments since ceasefire. Man accused of killing his daughters might be dead. Her blood isn't compatible with anyone else's. Report an error