The Mighty Money (Almost $4 Billion) That’s Fueled the 2020 Campaign

The 2020 presidential campaign might well be remembered as when the dam truly broke on money in U.S. politics. Twelve years after the first presidential election in which candidate fundraising eclipsed $1 billion, the 2020 race was approaching the $4 billion mark, thanks largely -- but not solely -- to the presence of billionaires on the ballots.

Presidential candidates had raised almost $3.7 billion as of Oct. 14, according to the Center for Responsive Politics. That was already 54% more than the $2.4 billion spent by candidates, party committees and so-called super-PACs during the entire 2012 contest, and more than twice the $1.5 billion raised by presidential candidates in 2016. (Including congressional campaigns, the cost of federal elections will approach $14 billion, or double the amount 4 years ago, the Center for Responsive Politics estimates.)