Karl Rove, far left, is a key strategist behind a network of groups who are trying to defeat President Obama. (Photo by Tom Pennington/Getty Images)

Conservative groups, including a network of political groups advised by former Bush strategist Karl Rove, could raise more than $1 billion to take on President Obama and congressional Democrats, Politico reported on Wednesday.

That does not include money raised by the official Romney campaign or the Republication National Committee, but consists simply of what super PAC’s and other conservative groups, such as the Chamber of Commerce, could raise.

Obama’s campaign is likely to raise more than $750 million, and liberal-leaning groups could raise hundreds of millions more. But the evidence so far suggests that unlike in 2008, when Obama had much more money than John McCain, fundraising overall will largely be even or lean towards the GOP.

That money could ultimately be more important in House and Senate races, where candidates are less known than in the presidential race. So the conservative money could hurt Obama by virtually ensuring he will deal with a Republican House and potentially a Republican-turned Senate if he wins a second term.

And with these conservative groups so well-funded, every positive ad on television in key states for Obama is likely to be followed by a negative one from either the outside groups or Romney’s official campaign. In 2008, Obama vastly outspent McCain on commercials in key states.