Election 101: Five basics about 'super PACs' and 2012 campaign money

The 'super PAC' promises to shake up the 2012 election. This new fundraising heavyweight which Stephen Colbert famously brought attention to with his own Americans for a Better Tomorrow, Tomorrow heralds a new era of 'superspending' in politics.

5. What are some of the prominent new super PACs?

Chris Carlson/AP/File
Republican presidential candidates stand together before a debate at the Reagan Presidential Library in Simi Valley, Calif., last month.

More than 150 groups had registered as super PACs. Thus far, liberal-leaning groups have raised $7.72 million and conservative-leaning super PACs have raised some $21.09 million. Among the most powerful is the Karl Rove-linked American Crossroads, a well-funded conservative group that played a crucial role in GOP successes in the 2010 midterms. It raised $21.5 million for the 2010 election cycle and is poised to raise vast amounts this time as well.

All of the major presidential candidates in the 2012 race have the support of a super PAC – or two or three:

•Currently leading the pack with $12.2 million is Restore Our Future, a conservative group founded by several former Mitt Romney aides.

•With a $2 million donation from DreamWorks chief executive officer Jeffrey Katzenberg (plus another $1.2 million from other donors), Priorities USA Action is a liberal group focused on reelecting President Obama.

Rick Perry has a whopping six super PACs supporting his bid, including Americans for Rick Perry, Veterans for Rick Perry, Jobs for Iowa, Jobs for South Carolina, Jobs for Florida, and Make Us Great Again.

Ron Paul has Revolution PAC in his corner, Jon Huntsman Jr. has Our Destiny PAC, and Michele Bachmann has Keep Conservatives United and Citizens for a Working America.

For comedic value, however, Americans for a Better Tomorrow, Tomorrow has them all topped. Stephen Colbert's super PAC aims to skewer the candidates, political ads in general, and voters influenced by them. His second ad criticizes "outside groups like Jobs for Iowa" for using "cheap cornography" to promote Texas Governor Perry.

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