Campaign spending tops $1.7 billion

Super PACs are collecting unlimited funds from big donors for both Mitt Romney and President Obama. Scott Pelley speaks with CBS News political director John Dickerson about how much money is likely to be spent on this campaign.

NEW YORK (CBS) -- The presidential campaigns of Barack Obama and Mitt Romney campaign have now raised a combined $1.1 billion on their own and spent just about $1 billion with two weeks until Election Day, according the campaigns' final pre-election reports filed Thursday with the Federal Election Commission.

After raising another $77 million through October 17, Obama For America has raised a total of $656 million. The campaign has spent $631 million overall in 2011-2012 and entered the final two weeks with $94 million cash on hand.

Romney For America raised $52 million in early October for a 2011-2012 total of $413 million. It has spent $361 million overall and entered the final two weeks with $53 million in the bank.

These totals reflect the candidates' own fundraising arms and don't include money raised by committees set up jointly between the presidential campaigns and the national political parties, nor do they include what the parties say they've raised on the campaigns' behalf. Including those figures, Romney's side raised $111.8 million in the first 17 days of October and Mr. Obama's camp brought in $90.5 million.

Mr. Obama's overall advantages in money raised and spent, and cash on hand are balanced by outside groups spending on Romney's behalf.

Chief among these is Restore Our Future, the main pro-Romney super PAC, which has buoyed the campaign since the primary season, when it spent $40 million on advertisements attacking Romney's chief rivals, Rick Santorum and New Gingrich.

Restore Our Future has spent $117 million since its inception last year and reported having $24 million cash on hand for the home stretch.

The pro-Romney group received another $10 million infusion from Nevada casino mogul Sheldon Adelson in early October, as well as $1 million donations from past seven-figure givers Texas tycoon Harold Simmons, California media executive and investor Jerry Perenchio, and New York hedge fund manager Julian Robertson.

The main pro-Obama super PAC, Priorities USA Action, entered the final two weeks with $10 million cash on hand with the help of six first-time $1 million donors in early October.

Billionaire investor George Soros gave $1 million, as did Mark Pincus, the founder and CEO of online game company Zynga, LinkedIn co-founder and executive chairman Reid Garrett Hoffman, and Silicon Valley venture capitalist Vinod Khosla.

  • Phil Hirschkorn

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