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.
Rep. Elijah Cummings, D-Md., right, hugs Harold Schaitberger, General President of the International Association of Fire Fighters, after the Congressman spoke at the IAFF's Legislative Conference General Session at the Hyatt Regency on Capitol Hill, March 9, 2015. The day featured addresses by members of Congress and Vice President Joe Biden.