The amount of money spent on federal elections in the 2008 cycle is breaking records, say some new tabulations by the non-partisan Center for Responsive Politics.

Counting contributions to federal candidates, political party committees, and federally focused 527 committees, spending on federal contests is likely to top $5.3 billion -- up 27 per cent from the 2004 election cycle, the Center says. White House aspirants broke the $1 billion mark -- almost double what they raised and spent in 2004, and triple the comparable sum for 2000. Leading the pack in PAC and employee contributions is the same industry sector that brought you the real-estate bubble and the credit crunch: finance, insurance and real estate. More on the Center's estimates here. To listen to a press conference call presentation by the Center's Executive Director Sheila Krumholz click here.

-- Julie Kosterlitz