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Money and Democracy update: Crossroads vows $120 million to defeat Dems, Colbert heads to FEC

"Public Citizen Money and Democracy Update"Stunning Statistics of the Week:

Crossroads groups vow to spend $120 million in 2012 cycle

Representatives from American Crossroads and Crossroads Grassroots Political Strategies, two fundraising groups co-created by GOP strategist Karl Rove, vowed to spend $120 million to defeat Democrats in 2012. Mike Duncan, chair American Crossroads, said, “There’s not too much money in politics.”

More Crossroads activity

American Crossroads, the Rove-created Super PAC, is targeting Sen. Claire McCaskill (D-Mo.) with a website, Twitter feed and $150,000 worth of radio ads.

Boulder may put corporate personhood abolition on the ballot

Boulder is moving closer to putting a referendum on the November ballot that would ask voters whether they think the U.S. Constitution should be amended to abolish corporate personhood. A similar measure was on the ballot in two Wisconsin jurisdictions in March, and it passed overwhelmingly. The push for the measures is part of a campaign to overturn the U.S. Supreme Court’s January 2010 ruling in Citizens United v. Federal Election Commission, which said that corporations have the same free speech rights as people and so can spend unlimited amounts of money to sway elections.

Speaking of Colorado … Kochs going to Colorado, protest planned

The billionaire, right-wing Koch brothers are planning to have a retreat for conservatives in Vail this weekend. As soon as the news broke, progressives began laying plans for a protest.

But will he be funny?

Comedian Stephen Colbert, who is attempting to launch a Super PAC to make a point about the out-of-control spending in elections, is expected to show up at next week’s Federal Election Commission meeting to ask some questions.

Reid soliciting money for new Super PAC

Senate Majority Leader Harry Reid is beating the bushes for money for a new Super PAC called Majority PAC. The idea is to raise unlimited sums of money to keep Democrats in power in the Senate. Reid is limiting the pool of donors to individuals and federal PACs; he is not taking corporate or union money.

Meanwhile, on the other side of the aisle …

Supporters of presidential candidate Mitt Romney started a Super PAC, Restore Our Future PAC, to raise and spend unlimited money for his campaign.

While we’re on the subject of fundraising …

President Barack Obama is going gangbusters with fundraising. Said a spokesperson for the Republican National Committee, “He has proven to be the campaigner in chief. You’ve never seen a president focus on raising money as this president has done.” Not exactly what you want to hear.

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