Mitt Romney, who had a resounding victory in last night's Florida primary, also wins the unofficial award for most frightening super PAC. A Federal Election Commission release Tuesday revealed that pro-Romney super PAC "Restoring Our Future" raised over $30 million last year and spent $14 million on campaign ads for the first few crucial primaries. By way of comparison, the super PACs of all the other GOP candidates spent a combined $12 million, and the candidates' campaigns have spent a total of $20.7 million. According to Democratic National Committee Chair Debbie Wasserman Schultz, Romney's campaign has spent more on negative ads than John McCain spent during his entire presidential bid. We're only a month into the primary season, so expect post-Citizens United super PACs—which give an outsized level of influence to rich donors and corporations—to wreak even more havoc as the stakes get higher after the conventions.
Chart of the Day
The Congressional Budget Office released its budget outlook yesterday and once again reported that, if Congress does nothing over the next few years, the deficit will all but disappear. However, this type of drastic inaction would result in higher taxes and spending cuts.
Reason to Get Out of Bed in the Morning
Crédit Municipal de Paris—the oldest bank in France—ushered in its 375th birthday by wiping away debt for 3,500 of its clients.