Deep-pocketed donors are turning over multimillion-dollar checks to influence November’s elections, and the sums raised by the national parties and their super PAC allies are already approaching the $1 billion mark, according to financial reports still being filed Tuesday evening.
An imprecise snapshot of political giving is coming into focus as outside organizations detail their fundraising and spending through March 31. The enormous sums of money do not capture what federal candidates themselves are raising and spending. In many cases, some of the most active outside groups operate under rules that allow them to keep many details of their finances secret.
Democrats, at least for the moment, seem to have a roughly 3-to-1 advantage over Republicans in cash raised and banked through independent groups, according to the early filings. That balance of power could quickly change as new reports are filed with the Federal Election Commission.
And those early figures lack details from some of the more influential groups that have great sway over elections but whose names never appear on ballots.
For instance, National Rifle Association Political Victory Fund has until Sunday to file its reports. Through the end of February, the Republican-leaning group had raised almost $14 million.
EMILY’s List hadn’t yet released its figures. It entered March having raised $22 million to help pro-abortion rights female candidates win office.
Americans for Prosperity, one of the most aggressive in running ads against Democrats as part of the billionaire Koch brothers’ network of conservative groups, does not have to disclose its donors because, under tax rules, it is technically not political. Democrats have been relentless in criticizing Charles and David Koch’s role in helping Republican candidates.
Among the groups that had filed their reports, some donations were catching attention.
Fred Eychaner, the founder of Chicago-based Newsweb Corp., wrote a $4 million check to the Senate Majority PAC, a Democratic group with ties to Senate Majority Leader Harry Reid. The group raised $11 million during the first three months of the year, including $2 million from James Simons, founder and chairman of investment firm Renaissance Technologies.
Retiring Sen. Jay Rockefeller wrote the group a $250,000 check to help fellow Democrats keep their advantage. His retirement opens the door for Republicans to win that seat in West Virginia.
Republicans need to net six seats to claim the majority in the Senate.
Other $250,000-level donors to the Democratic super PAC included committees aligned with autoworker, teacher and municipal worker unions.
Reid’s political action committee also wrote the group a $100,000 check to keep Reid atop the Senate.
The group is sitting on almost $20 million to help defend Democrats’ majority.
To help Republicans pick up seats in the Senate, the Karl Rove-backed American Crossroads super PAC stepped up its fundraising. The group raised more cash in March than it did during the previous 14 months combined.
The GOP establishment’s favorite super PAC raised almost $5.2 million in March and had more than $6.3 million in the bank as of March 31. That cash already has been used to criticize incumbent Democratic senators in Alaska and North Carolina and is expected to support former Massachusetts Sen. Scott Brown in his bid to unseat Democrat Jeanne Shaheen in New Hampshire.
“There’s been a noticeable rise in enthusiasm among our donors,” American Crossroads chief Steven Law said, crediting candidates challenging Democratic incumbents.
In all, American Crossroads spent more than $116 million between Jan 1, 2011, and Dec. 31, 2012. The group, like most super PACs, accepts unlimited donations and is positioning itself to be a major player during these midterm elections as it accepts unlimited donations.
Both parties’ committees to elect House members were expected to file their reports before Sunday’s deadline. The Democratic National Committee, which went into March with more than $15 million in debt, also had not announced how much it raised and spent in March.
Among other party committees, the Republican National Committee said it raised $10.2 million in March and had $12 million in the bank. The National Republican Senatorial Committee reported it raised almost $6.4 million in March and had almost $15.9 million saved.
The Democratic Senatorial Campaign Committee said it raised $8.1 million in March and was sitting on $22.2 million.
House and Senate incumbents and challengers were also filing reports. A snapshot of their finances was slower to come together, but the dollars under candidates’ direct control certainly would have their own influence on November’s elections.
For instance, Senate incumbents and challengers came into this election year with almost $200 million raised and about $158 million saved for what is expected to be a brutal fight for control of that chamber.