THIS year's presidential race - fueled by more than a million donors, including many who have never given before - is well on its way to becoming the country's first $1-billion po-litical campaign, experts say. The money is coming in small donations and large ones, online and in the mail, from wealthy philanthropists and immigrants who can't even vote. In part, it represents unprecedented interest in the campaign from people throughout the country.

Together, President Bush and his presumptive challenger, Sen. John F. Kerry, have drawn money from 700,000 more individual donors than those who contributed to Bush and Democrat Al Gore in the entire 2000 campaign, according to figures provided to The Times by the three campaigns.

Already, donations to Bush, Kerry and the Democrats who had contested the Massachusetts Senator for the party's nomination have exceeded more than $400 million - more than double what was raised at this point four years ago.

By the time it's all over, when all the money spent by the political parties, state party organisations, independent groups, conventions and the candidates themselves is tallied, several campaign finance experts said the total will be up to $1 billion or more.

"The numbers are phenomenal," said Anthony Corrado, a campaign finance expert at Colby College in Maine. "Something's happening here. It's like the explosion of civic participation in fund-raising."

Experts say several factors explain the 2004 money
phenomenon. The contribution limit from individuals was doubled to $2,000, which naturally led to more money in the system. Both Bush and Kerry opted out of the public financing system during the primaries and caucuses, allowing them to raise as much money as possible until this summer's conventions.

Donors can now give money over the Internet more easily. And the country is politically polarised, which has motivated people to try and give their candidate an edge in a very close race. "It's the perfect political storm for fund-raising," said Terry McAuliffe, chairman of the Democratic National Committee.

That money has translated into extensive television advertising, particularly in the 17 battleground states where the presidential election is being fought most intensely. It's also paying for voter mobilisation drives and hefty fees for dozens of political consultants who strategise, produce ads and conduct polls, as well as to the broadcast stations and networks selling air time.

"You're definitely talking in excess of $1 billion," said Dwight L. Morris, who analyses campaign finance data for news organisations. "It is mind-boggling." The thought of a $1-billion presidential campaign shouldn't bother people, said Ed Gillespie, the Republican National Committee's chairman.

"When you look at the amount of money spent to get people to vote and participate in the political system," he said, "it pales in comparison to what is spent to get people to buy toothpaste."

Not all experts agree on how the billion-dollar figure will break down, but here's one conservative scenario that would easily put the race near that mark: Bush is expected to raise and spend about $210 million and Kerry $120 million, including funds designated for legal and accounting expenses. After the conventions, each candidate will receive $75 million in public money for the general election. The rest of the Democratic field has already spent about $160 million, including matching funds.

In the wake of campaign finance reform, the outpouring of so much money - particularly from individual donors - has turned conventional political wisdom on its head.

"Everyone's assumptions have proved wrong," said Trevor Potter, a Washington lawyer and former chairman of the Federal Election Commission. The political parties, particularly the Democrats, were expected to be struggling for cash. The McCain-Feingold legislation approved two years ago banned them from receiving unlimited contributions - known as soft money - from unions, corporations and individuals. Yet, the Republican and Democratic national committees together have raised $230 million, more than what they collected at the same time in 2000 when soft money was allowed. Soft money is still finding a niche in the election through donations to the independent groups, known as 527s after a section of the Internal Revenue Service tax code. Most of those groups are spending unlimited dollars on anti-Bush political advertising and get-out-the-vote programmes Donors to both parties feel the outcome of this year's election is critical - from the retired Honduran army colonel who has given money to Bush even though he is not a US citizen, to the Hollywood producer who counted more than 200 new faces at a fundraiser she helped put on recently for Kerry.

"Bush is a great motivator. I can't stand the guy. He's ruining our country and everything it stands for," said Roy Cloud, 45, a wine importer in Washington, D.C. He made his first political contributions this year - $250 to Kerry and a smaller amount to the MoveOn.org Voter Fund, an independent anti-Bush group.