US presidential election could cost more than $5 bn

Washington: The US presidential election could cost more than five billion dollars, says a Washington based think tank.

The Center for Responsive Politics says that would make it the most expensive election ever.

The presidential candidates have already raised and spent one and a half billion dollars since January last year.

Unlike previous elections, this time retired people have contributed more than 200 million dollars.

Interestingly, there is no sign that the recession in Wall Street has curbed political donations.

Citigoup and JP Morgan have contributed more than four million dollars each.

With Less than two weeks now to the US election, Barack Obama is widening his lead over John McCain.

Obama is even gaining on his Republican rival in states like Virginia and Indiana that have gone Republican in the past few elections.

Two National polls on Wednesday have given Obama a double-digit lead.

The Pew research centre survey shows him leading McCain 52-38 a 14 point lead.

While the Wall Street Journal NBC poll put the race 52-42 in Obama's favour.