Spending on political and issue ads ahead of the 2010 midterm elections is already approaching $1 billion, and one analyst predicts it's on track to reach $3 billion by November.

Ad Age has an interview with CMAG's Evan Tracey, who tracks political ad spending. Tracey said $864 million has already been spent this cycle, some $50 million more than was spent at this point in the 2008 election cycle. 

"Historically, two-thirds of all election spending comes during the final 60 days, so we are on track to approach $3 billion in total spending on political and issue ads," Tracey told Ad Age

The spending binge is being aided by self-funded candidates like Meg Whitman (R) in California and Linda McMahon (R) in Connecticut, as well as the Supreme Court's recent decision in the Citizens United case, which lifted restrictions on corporate and union spending.