How much money can 2020 presidential candidates raise?
Every two years, the FEC updates certain contribution limits and then indexes it to inflation
It seems to be Sen. Bernie Sanders versus the Democratic establishment, if you ask FOX Business' Kennedy. Former House Democratic Congressional press secretary Rochelle Ritchie, 'Part of the Problem' podcast host Dave Smith and Townhall.com political editor Guy Benson discuss.
With the nominating contest for the next Democratic presidential candidate officially in full swing, primary contenders are battling it out to see who can raise the most money.
Although there are technically limits on how much a certain individual, political action committee and corporation can give to one candidate, there’s actually no limit on how much someone seeking federal office can fundraise, according to the Federal Election Committee.
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Every two years, the FEC updates certain contribution limits, like the amount that an individual can give to candidates and party committees, and then indexes it to inflation. Currently, an individual is only allowed to donate $2,800 directly to each candidate per election, but because of a 2014 Supreme Court ruling that eliminated the aggregate amount cap, that donor could give the same amount to 25, or 100, contenders if they chose to do so.
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One of the exceptions is for a candidate like Michael Bloomberg, who’s worth a staggering $60 billion. The former New York CIty mayor is allowed to use his endless funds to finance his own campaign. He reportedly intends to spend up to $1 billion on the election to unseat incumbent President Trump in November, according to the New York Times.
Although there are limits on individual contributions -- and corporations are forbidden from giving directly to a campaign -- super PACs, a side effect of the Supreme Court’s notorious Citizens United ruling in 2010, can spend unlimited amounts on trying to elect certain candidates.
The ruling essentially allowed companies to donate millions of unregulated dollars to political causes because the Supreme Court ruled that it was a form of free speech.
According to the Center for Responsive Politics, super PACs spent more than $1 billion during the 2016 election cycle.