The money raised and spent to elect a new US president and members of Congress is likely to pass $US5.3billion ($8.3billion) next week, shattering previous records, with Wall Street firms dominating the donor list of the most expensive White House race in history. 

As Americans fretted about the economic crisis and the billions of dollars being poured into the stricken banking sector, a report released yesterday reveals a scale of political fundraising and expenditure that exceeds even the wildest predictions of earlier this year. The presidential race alone is costing a record $US2.4billion.  

The report, by the Centre for Responsive Politics, a non-partisan watchdog, adds up the money raised and spent for the entire presidential and congressional election cycle by the candidates, the parties and outside groups. "In terms of political finance, these numbers are staggering," said Sheila Krumholz, the centre's executive director.  

Record $US5.3bn Spent On Contests