According to campaign finance watchdog Open Secrets, the final cost for the 2016 election was $6.5 billion for the presidential and congressional elections combined. The cost of the presidential race, including campaign committee and outside spending, was $2.4 billion. Congressional races totaling more than $4 billion.
President Donald Trump’s campaign cost almost $398 million, whereas candidate Hillary Clinton’s’s was more than $768 million. But as Trump was a constant focus of media attention, from July 2015 through October 2016, Trump received free media worth more than $5.9 billion. Clinton received less than half that figure, a little under $2.8 billion.
To curb these obscene campaign costs, in 2002, the bipartisan Bipartisan Campaign Reform Act (“McCain-Feingold Act”) was passed to regulate the financing of political campaigns by prohibiting soft money contributions to national political parties, and limited campaign financing to hard money. Soft money is unlimited funding collected by political parties intended for party strengthening, while hard money is donations directly made to a candidate’s campaign. In addition, political parties could no longer directly fund election campaign advertisements with soft money contributions; they had to be paid for with hard money. The law also called for candidates to “stand by their ad.” This means a candidate, at the end of a campaign ad, must approve the message.
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