80% plus of that is reserved for The One, they are playing this election all or nothing on the Presidency and counting on coattails to carry everyone else if they win, instead of spending on Congressional races (With some rare exceptions).
In other words, as the GOP not only has R-Money to tear Obama a new one on the matters of the economy we'll have 435 GOP congressional and 30-some odd senatorial candidates all laying in to Obama virtually unopposed. R-money gets to go for the jugular while the legislative races deliver a death of a thousand cuts just so the Child-king can try to keep all the marbles for himself.
And it's not even as though Obama is running an effective campaign. Every one of their Twitter gimmicks blows-up in their face (but like Wile E. Coyote, they're there with a new one to try again), along with this asinine bullying meme and a thousand other shiny squirrels. Meanwhile, Greece is a harbinger of what California is going to look like and both of those will implode at the height of the campaign season. ObamaCare is looking A) shakey or B) a rallying cry; both of which hurt Obama. LGBT was BFD / WTF. Elizabeth Warren is broadcasting the absurdity of race politics and destroying herself as an icon for the plight of the untermenschen. I'm sure Zimmerman's trial will also be a fiasco for them; which coupled with abortion, the assault of Catholicism and gay marriage shows Hispanics how poorly Obama regards them. The unions, OWS, et al will also get out of control the more ignored they become...ala the Walker Recall.
Liberals yammer about shit nobody cares about, they won't shut the **** up about things that piss people off and when they do finally hit a popular message they alienate their audience.
The arrogance and self-immolation would be breath-taking if it weren't so delicious for our side.