Record Spending in Election Year

One industry not feeling the sting of recession is politics: Despite a gloomy economy, campaigns are raising and spending more than ever. House and Senate candidates have raised almost $1.2 billion in this election cycle, on pace to smash levels set in 2008, 2006, and 2004. Governors' races are also setting records, with California Republican Meg Whitman shelling out $104 million of her own cash. The spending splurge is largely due to a large number of competitive races as well as open seats, plus tough primary fights. Additionally, recent court rulings have allowed corporations to spend more freely in elections.