"I don't know any campaign manager who thinks they have too much money. In this political 50-50 environment you can't ever have enough," Toner said. "Every last million could make the difference in who is elected."
But the emergence of super PACs and other outside groups, emboldened partly by the Citizens United decision by the Supreme Court in 2010, has done more than anything else to reshape the contours of presidential campaign fundraising. A handful of federal court cases have broadly eased campaign finance regulations, allowing donors to give unlimited sums. That kind of money has largely been funneled to super PACs, which can raise and spend money on behalf of candidates as long as they don't coordinate expenditures or strategy with the campaign.
"The distinctive factor in this election is the outside money being spent and the corrupting money financing it," said Fred Wertheimer, a longtime campaign finance reform advocate. "It's a symbol of the disastrous campaign finance system we have and the undue influence relatively few well-financed individuals and interest groups now have over government decisions.
Las Vegas casino mogul Sheldon Adelson is the top super PAC donor this year. Adelson, a billionaire, has contributed more than $40 million to Republican super PACs, including those backing Romney and former candidate and House Speaker Newt Gingrich.
Fouhy reported from New York.
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