• ClickZ, Wednesday, October 22, 2008 11:46 AM

Is there any advertising forecast that can't be lowered these days? Apparently not, for even as Barack Obama breaks every political advertising record known to man or beast, media research firm Borrell Associates is significantly lowering its 2008 political ad spending projections -- including for online spending.

At the beginning of 2008, Borrell predicted online political ad spending would reach the $20 million mark this year. That number has now been lowered to about $17.7 million. Borrell has also lowered its estimate of political spending for all media in 2008, from $4.8 billion to $2.27 billion.

It would seem that most of the online spending is going to search. Nearly 60% of Obama's online spend went toward Google as of August -- more than $3 million. And by the end of her campaign, Hillary Clinton spent 57% of her online ad money on Google.

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