The 2008 election for president and Congress is not only one of the most closely watched U.S. elections in years; it’s also the most expensive in history. The nonpartisan Center for Responsive Politics estimates that more than $5.3 billion will go toward financing the federal contests upcoming on Nov. 4. The presidential race alone will cost nearly $2.4 billion, the Center predicts. Already the candidates alone have raised more than $1.5 billion since the election cycle’s start in January 2007. This is the first time that candidates for the White House have raised and spent more than $1 billion, and this year’s total is on track to nearly double candidate fundraising in 2004 and triple 2000.