"I feel very confident we'll exceed $5 billion," says former Federal Election Commission boss Michael Toner. Most people, he says, add up only what the presidential nominees will spend, and that's where the $1 billion figure comes from.
But total it up, and Toner says "whether $5 billion to $6 billion or $5 billion to $7 billion, I don't know." The real shocker: Despite campaign finance reform, there is more money than ever flooding into politics.
By Paul Bedard