(CBS) Weekly commentary by CBS Evening News chief Washington correspondent and Face the Nation host Bob Schieffer.

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We have become so used to the flood of money in modern politics that when Barack Obama's people announced they had raised $52 million last month, it drew little more than a yawn.

Oh, sure, it was twice the $22 million that John McCain raised in June. That's no small haul, but it wasn't even Obama's best month; he raised $55 million back in February.

Get this: Obama and McCain's people say they will both try to raise $400 million between now and Election Day.

Our presidential campaign has already topped a billion dollars. That is a first.

By Election Day it is expected to top $2 billion - our first-ever $2 billion presidential campaign.

Money has always been a big part of politics but it has become the overriding factor now. Raise the money, then you have a chance to get elected; without it, forget it.

The air has gone out of campaign finance reform. When voters are going through tough times like now, they don't have time to worry about who is giving what to politicians.

But here are a couple of questions:

Does the state of the nation now have anything to do with the way we've been electing our politicians?

Are campaigns that take longer and cost so much more that the main focus must always be on money producing a better class of candidates - and ultimately more effective government?

When it costs $2 billion to elect a president, is that something a democracy should be proud of?

Just a few questions ...

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E-mail Face the Nation.

By Bob Schieffer
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