I think that political spending should be limited by the Constitution. I think that any money spent by the government should be first and foremost focused by how to make the citizens live a better life and the advancement of the country. Spending done in the name of politics should not be seen as important.
Yes, I totally agree the Constitution should be amended to add specific limits on political spending - all political spending. We need to rein in political spending in this country from the campaign up to the oval office. Let's limit the unnecessary lavish spending first and then tackle wasteful spending. If we cut out all frivolous and unnecessary spending, we would probably find there was no need to increase taxes.
No, political spending should not be limited by the Constitution, because they would not have a way to police it fairly. There would always be a way that those who have more would find more way to spend. It would never be fairly policed, and it would result in a distortion of elections.
The Constitution is about laws and regulations and should not and does not for that matter pertain much to economics. The Constitution should not pertain to political spending because we should not be stupid enough in the first place to let our debt go so high and our hole dug so deep.
I don't think it would be right to modify the constitution to put caps on the amount of political spending. I think it would be a huge effort to get something like that passed through the Congress and Senate since I don't see the willpower being there to do something like that.