The Federal Election Commission this week announced mandatory double-digit political contribution limit increases for House, Senate and presidential elections, which likely will add to an already frenzied fundraising cycle.
“The new contribution limit of $2,300 per person represents a 15 percent increase over the individual contribution limit in the 2004 election,” said Michael Toner, a Republican-nominated commissioner. “The increased contribution limits will provide further fuel for record-breaking presidential candidate fundraising.”
According to the agency’s new guidelines, individuals during the 2007-08 election cycle may give $2,300 per federal candidate for both the primary and general elections. In the previous cycle, individuals could give $2,100 per election, a slight increase from the 2003-04 limit of $2,000.
Although the cap on personal checks made out to political action committees remains unchanged at $5,000, individuals may now give $28,500 per year to national party committees, a roughly 7 percent increase from the previous cycle and a 14 percent jump from 2003-04.
During the new cycle, individuals may give $108,200 combined to House, Senate and presidential candidates, political action committees and party committees, a nearly $7,000 increase from the previous cycle. In 2003-04, individuals could give $95,000 overall.
Under the Bipartisan Campaign Reform Act of 2002, the FEC is required to adjust contribution limits for inflation every election cycle, using a Department of Labor price index.
Vice President Joe Biden waits to conduct a mock swearing-in ceremony with Sen. Brian Schatz, D-Hawaii, in the Capitol's Old Senate Chamber, December 2, 2014. Schatz was sworn in to serve the remainder of his term since he was appointed to the seat after Sen. Daniel Inouye, D-Hawaii, passed away.