In an article titled 'Bush, Kerry Awash in Money,' the paper says donations for President George W Bush and his Democratic challenger John Kerry have already crossed $400 million, double what was raised at a similar point during the 2000 campaign.
"That money has translated into extensive television advertising, particularly in the 17 battleground states where the presidential election is being fought most intensely. It's also paying for voter mobilization drives and hefty fees for dozens of political consultants who strategize, produce ads and conduct polls, as well as to the broadcast stations and networks selling air time," the article said.
Part of the reason for the outpouring of funds has been the doubling of the individual contribution limit to $2,000. Also, the article said, "Donors can now give money over the Internet more easily. And the country is politically polarized, which has motivated people to try and give their candidate an edge in a very close race."
"It's the perfect political storm for fundraising," the Times quoted Democratic National Committee chairman Terry McAuliffe as saying.
Republican National Committee's chairman Ed Gillespie said the thought of a $1-billion presidential campaign shouldn't bother people. "When you look at the amount of money spent to get people to vote and participate in the political system," he said, "it pales in comparison to what is spent to get people to buy toothpaste."