Every two years the financing of federal elections changes, sometimes subtly and other times more dramatically, sometimes necessarily in response to new rules and other times innovatively in response to old ones. This essay discusses changes in place or afoot for the 2008 congressional elections. In the coming cycle, the new congressional majority will enjoy a significant fundraising edge, social-welfare organizations will be more engaged in political interventions, unions and corporations will re-enter the pre-election advertising scene, and lobbyist contributions will come into the sunlight. Vacancies on the Federal Election Commission will likely stifle the creativity of candidates and campaign financiers, as innovations cannot be sanctioned until a quorum is available to approve advisory opinions. The non-profit education program of the IRS may also temper the anticipated rush to shift political activity to social-welfare organizations.