SCOTUS Upholds First Amendment speech rights of contributors.

Washington, D.C>> The Supreme Court further loosened the reins on political giving Wednesday, ruling that big campaign donors can dole out money to as many candidates and political committees as they want as long as they abide by limits on contributions to each individual campaign.

In a 5-4 vote won by conservative justices, the court struck down limits in federal law on the total amount of money a contributor can give to candidates, political parties and political action committees.

The decision wipes away the overall limit of $123,200 for 2013 and 2014. It will allow the wealthiest contributors to pour millions of dollars into candidate and party coffers, although those contributions will be subject to disclosure under federal law. Big donors, acting independently of candidates and parties, already can spend unlimited amounts on attacks ads and other campaign efforts that have played an increasingly important role in elections.

The justices left in place limits on individual contributions to each candidate for president or Congress, now $2,600 per election.  (Continues)