The study by the independent Center for Responsive Politics also estimated that combined spending on presidential and congressional races this year will reach a record 3.9 billion dollars, a 30 percent increase over the 3 billion spent on federal elections four years ago.

"The 2004 presidential and congressional elections will shatter previous records for spending, and the biggest reason is the increase in giving by individuals to candidates and parties,"said Larry Noble, the Center's executive director.

Individual contributions giving to federal candidates and political parties will total 2.5 billion dollars, a significant jump over the 1.5 billion dollars in individual contributions raised in the 2000 election cycle.

Contributions from political action committees, established by individuals or institutions to support their candidates or causes,will total 384 million dollars in this year's elections, an increase of 33 percent over the elections four years ago, the study said.