WASHINGTON - American Crossroads, the Republican “super’’ political committee that plans to play a major role in this year’s presidential campaign, raised more than $51 million along with its nonprofit arm last year, the Associated Press has learned.
The figures from Crossroads - the group backed by former George W. Bush adviser Karl Rove - were among the first financial reports being made public yesterday, the deadline for super PACs and presidential candidates to file financial reports with federal election officials.
While most recent public attention has focused on groups spending major sums for negative TV ads assailing GOP presidential primary rivals Mitt Romney and Newt Gingrich, yesterday’s figures are a sign of even greater spending to come in the general election battle between the Republican nominee and President Obama, a Democrat.
The American Crossroads PAC has about $15.6 million cash on hand, according to its recent report from October through December 2011, representing only part of the money it has in the bank to spend on defeating Obama. Financial details from Crossroads GPS - the nonprofit arm - are unclear because it doesn’t have to disclose its donors under IRS rules, although Crossroads GPS was responsible for most of the groups’ fund-raising haul.
The Crossroads war chests underscore the extraordinary impact super PACs could have on this year’s race for the White House. In GOP primaries so far, groups working for or against presidential candidates have spent roughly $25 million on TV ads - about half the nearly $53 million spent on advertising so far to influence voters in the early weeks of the race....
All that money wasted on politics and bolstering the bottom line of media conglomerates.
--more--"
Related: We Love You Super PAC
