THE RACE: Presidential race is most costly ever

In this photo taken May 24, 2012, Republican presidential candidate, former Massachusetts Gov. Mitt Romney speaks at a school in Philadelphia. When Romney decried Barack Obama as beholden to the nation?s teachers? unions and unable to stand up for reform, he glossed over four years of a relationship that has been anything but cozy. (AP Photo/Mary Altaffer)

In this photo taken May 24, 2012, Republican presidential candidate, former Massachusetts Gov. Mitt Romney speaks at a school in Philadelphia. When Romney decried Barack Obama as beholden to the nation?s teachers? unions and unable to stand up for reform, he glossed over four years of a relationship that has been anything but cozy. (AP Photo/Mary Altaffer)

President Barack Obama, left, tours TPI Composites, a manufacturer of wind turbines blades, with plant manager Mark Parriott, Thursday, May 24, 2012 in Newton, Iowa. In Obama?s second visit as president to Newton, a city of about 15,000 east of Des Moines, he argued for Congress to renew wind energy tax credits.(AP Photo/Pablo Martinez Monsivais)

President Barack Obama greets supporter at a campaign rally at the Paul R. Knapp Animal learning center, Thursday, May 24, 2012 in Des Moines, Iowa. (AP Photo/Pablo Martinez Monsivais)

The battle between President Barack Obama and Republican Mitt Romney will be the most expensive presidential contest ever ? by a long shot.

There are two main reasons. It's the first time both major-party candidates are declining post-Watergate federal campaign financing ? and the spending limits attached. And the proliferation of super PACS is pumping untold millions into the fray on both sides, mostly for advertising.

So fasten your seat belts and prepare for a howling tempest of broadcast ads, especially if you live in a battleground state.

Obama and Romney were both coming off a week of intensive national fundraising.

Without Democratic primary opposition, Obama had a huge early advantage.

But Romney, likely to surpass the 1,144 delegates needed for the GOP nomination next Tuesday with a primary win in Texas, is starting to catch up as major conservative donors begin opening their wallets.

Through April, Obama and Democratic groups supporting him have raised nearly $450 million and have more than $150 million in the bank. Romney and Republicans backing him have collected more than $400 million during the same stretch and have about $80 million at their disposal.

Both candidates are shooting for raising around $800 million, which would put their combined campaign spending at roughly $1.6 billion. Add another few hundred million from super PACs and convention spending.

Obama opted out of public financing in 2008 and raised $750 million. His spending swamped GOP rival Sen. John McCain, limited to spend the $84 million he received from taxpayers. Super PACs didn't exist then.

We know what happened in that race. Romney didn't want to see it happen to him.

Neither candidate had public appearances Friday. Romney was taking a long weekend California hiatus from campaigning, while Obama planned several ceremonial events on Memorial Day.

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Follow Tom Raum on Twitter: http://www.twitter.com/tomraum. For more AP political coverage, look for the 2012 Presidential Race in AP Mobile's Big Stories section. Also follow https://twitter.com/APCampaign and AP journalists covering the campaign: https://twitter.com/AP/ap-campaign-2012.

Associated Press

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