House and Senate candidates in the 2008 election cycle collectively raised more than $1.4 billion and spent nearly as much, according to a new report from the Federal Elections Commission. Despite a slight decrease from the 2006 cycle, those totals -- 80 percent higher than the 1996 cycle -- illustrate the increasing importance of money in federal elections.

The amount of money successful House candidates raised and spent in the 2008 cycle doubled from 1996, when winners raised $322 million and spent $297 million. During the last cycle, winning candidates raised $636 million and spent $596 million. The same is true in the Senate: winners in 2008 raised $269 million and spent $264 million; winners in 1996 raised $125 million and spent $128 million.

At $799 million, individual donors gave 56 percent of the total amount raised by congressional candidates, while PACs accounted for $380 million in campaign receipts (27 percent). Candidates for Senate raised a higher percentage of money (64 percent) from individuals than House candidates did (54 percent).

The total amount given by PACs is $30 million more than in 2006 and $180 million more than in 1996. Since that year, PACs have accounted for between 24 and 28 percent House and Senate campaign receipts.

The FEC also released lists of the Top 50 House and Senate candidate receipts for the 2008 cycle. At $7.9 million, Doug Ose, a former California congressman, raised more than any other House candidate, but didn't make it to the general election. After mostly self-funding his campaign, Ose lost the Republican primary to now-Rep. Tom McClintock (R-Calif.). Freshman Rep. Jared Polis (D-Colo.) raised the second-most at $7.4 million, followed by Republican Sandy Treadwell ($7.0 million), who lost to then-Rep. Kirsten Gillibrand (D-N.Y.).

Then-Sen. Norm Coleman (R-Minn.) raised $19.3 million in the 2008 cycle and was topped only by his Democratic challenger, now-Sen. Al Franken (D-Minn.), who took in $22.5 million. Senate Minority Leader Mitch McConnell (R-Ky.) raised the third-most ($18.7 million) in a challenging re-election campaign.