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FEC reports record fundraising

Congressional campaign fundraising totaled $390.1 million in 2003, an increase of 32.2% when compared to 2001, as reflected in year-end reports analyzed by the Federal Election Commission (FEC). This is the first year of fundraising under the Bipartisan Campaign Reform Act of 2002 (BCRA), often referred to as the McCain-Feingold bill. One of the changes in the new law doubled the individual contribution limit to $2,000 per candidate per election.

Much of the increase was found in U.S. Senate campaigns, where candidates raised a total of $166.7 million in 2003, up 72% from 2001 levels. During 2003 Senate candidates reported disbursements of $66.5 million, more than twice what was spent during the off year of the previous cycle. Senate candidates ended 2003 with a cash balance of $153.3 million. -- FEC News Release