2012 Campaign Spending: One For the Record Books

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Fundraising for the 2012 presidential election is on track to break even more records. Together, campaigns for Mitt Romney and President Obama are likely to have raised $2 billion by the time the votes are counted.

The Romney campaign announced Thursday that it had raised a record amount in the first half of October, bringing in $111.8 million dollars in only two weeks. The Romney Victory Fund, a combination of the Romney campaign, the Republican National Committee and four state Republican parties, had amassed a $169 million warchest through Oct. 17.

Much of that cash will be spent on last-minute advertising and get-out-the-vote efforts.

The Obama campaign raised $11 million more than Romney during September but now trails the challenger.

The Los Angeles Times reports that the president's campaign and affiliated Democratic committees raised $90.5 million in the first 17 days of October.

With Thursday's figures added up, the Obama campaign and party committees officially crossed the $1 billion fundraising threshold, with a record $1.037 billion, according to FEC data compiled by the nonpartisan Campaign Finance Institute and reported in the LA Times.

Romney is catching up quickly, with a total haul of $950.7 million.

According to CBS, both of the 2008 campaigns together raised more than $1.8 billion in inflation-adjusted figures.

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