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Crossroads head: Our spending will be ‘dwarfed’ by labor, green groups

"Between last year and this year we'll raise a total of $300 million, we'll spend roughly two-thirds of that towards the presidential effort. However, that will end up being dwarfed by what organized labor puts on the table, so we think there will be rough parity on both sides in terms of outside effort," said Law in a CBS "Face the Nation" Web clip published Wednesday.

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Law said that overall conservative groups' spending would be matched by Democratic-supporting groups.

"I think if you add up all groups together and you put on the other side what labor unions and environmental groups and other groups like that, the trial lawyers, will spend on their side and then I think you compare overall spending by President Obama versus Mitt Romney, I think it will not be tremendously out of whack on either side," he added.

The Karl Rove-backed Crossroads announced in July it was spending $40 million to reserve critical television ad space in the fall ahead of Election Day. At the end of last month the group launched an 11-day, $11-million ad buy slamming Obama for the "worst economic recovery America has ever had."

Both sides are ramping up fundraising efforts for what is expected to be a costly battle.

The Romney team, in a joint effort the Republican National Committee (RNC), has outraised Obama for three straight months. The Romney campaign brought in $101.3 million in July compared to the president's $75 million fundraising effort. 

“We know we will be outspent — that’s just the reality,” Jen Psaki, a spokeswoman for the Obama campaign, told reporters as the president traveled to Connecticut for two high-dollar fundraisers Monday.