SPINNING STRAW INTO GOLD - SOFT MONEY AND US HOUSE ELECTIONS

Our understanding of congressional campaign finance and party behavior is incomplete because scholars have not yet examined the millions spe nt in soft money by the national parties. This analysis of soft-money spending shows that federalism and campaign finance regulations provid e both opportunities and constraints that influence the parties' abili ty to turn soft-money ''straw'' into hard-money ''gold.'' A party's le vel of hard-money wealth significantly shapes how it spends soft money and helps explain why the parties pursue different strategies. The an alysis suggests that the parties play a larger role in congressional c ampaign finance than has been previously reported, since parties spend soft money in ways that can benefit House candidates.