The twin groups founded by GOP heavyweights Karl Rove and Ed Gillespie are readying to spend $120 million to influence the 2012 elections. As reported in Citizens Blindsided, American Crossroads and Crossroads GPS were handsomely funded by Wall Street and private equity moguls, energy interests, and companies owned by billionaire Republican donors. After raising a combined $71 million for the midterm elections, American Crossroads and Crossroads GPS intend to spend a whopping $120 million to beat President Obama and Democratic candidates for Congress. Brody Mullins of the Wall Street Journal reports:

Two conservative groups founded last year with the help of Republicans Karl Rove and Ed Gillespie have set a goal of raising $120 million in the effort to defeat President Barack Obama, win a GOP majority in the Senate and protect the party’s grip on the House in the 2012 election.

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In setting their new fund-raising goal, Crossroads officials say they spoke with nearly all of their major 2010 donors, numbering in the dozens. "They have told us they are sticking with us, and most of them have said they plan to come in at a significantly higher level," said Steven Law, the president of the two Republican groups. Mr. Law said he also has found new donors.

American Crossroads and Crossroads GPS were set up under two different sections of the law and follow slightly different rules. American Crossroads is a so-called 527 organization, which must disclose its donors, while Crossroads GPS is a 501(c)4 entity that doesn’t have to make public its donors.

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Leaders of the two Crossroads groups say they will focus on television advertising and other election activities, which could complement the Republican National Committee’s focus on rallying Republican voters and funding state parties.

Campaign-finance rules give groups such as Crossroads an advantage over the RNC. Because political parties can’t raise more than $30,000 from an individual, they must spend millions of dollars to raise money from thousands of donors.

Outside groups face no such caps, so they can raise larger amounts from fewer individuals, incurring smaller fund-raising expenses in the process. American Crossroads and Crossroads GPS disclosed in an annual report sent to donors this week that they spent 96% of the money raised on campaigns.

The RNC spent about 70% of its money for the 2010 campaign on fund raising and other overhead expenses.