Political Ads, Campaign Funds | featured news

Have conservative groups bungled their chance to help defeat Barack Obama? Fueled with tens of millions of dollars in unlimited contributions, a network of GOP super PACs and nonprofit groups began the year with heady talk of bringing down President Obama with a ceaseless barrage of attack ads.

All the political attention might be focused on Republicans or even Tropical Storm Isaac, but that's not stopping President Obama from asking for more campaign money. In a new fundraising e-mail today geared to the swing state of Iowa, Obama says he's losing "the air war" and needs $5 or more from donors to pay for more campaign commercials.

Candidates may raise the unprecedented sums of political cash being funneled through Super PACs this year, and media strategists may decide how to spend them – but the people who actually wind up pocketing much of the money are America's television broadcasters. Since the Supreme Court voided limits on political donations in Citizens United, more money than ever is being devoted to negative TV ads. Industry analysts predict that upwards of $3 billion will be spent on political advertising this year – a surge of more than $500 million over 2008.

Senate Republicans blocked Democratic-backed legislation requiring organizations pouring hundreds of millions of dollars into campaign ads to disclose their top donors and the amounts they spend.

Super PACs have poured nearly $4 million into advertising in Ohio ahead of Super Tuesday, accounting for most of the spending in what has become an overwhelmingly negative contest.