The powerhouse conservative groups recently founded by Karl Rove and Ed Gillespie announced plans this morning to raise $120 million to help shape the presidential and Congressional elections in 2012.

The scope of the goal is remarkable, particularly for groups that didn’t exist before last spring. But American Crossroads and Crossroads GPS proved last cycle that they can back up their ambitious goals, aided in part by an ability to accept unlimited anonymous donations, in some cases.

“These resources will fund advocacy efforts to compete with the torrent of outside money from unions and left-leaning groups,” the organizations said in a joint statement released Tuesday morning. “Unions spent more than $400 million electing Barack Obama and Democrats in the 2008 elections and we expect that total to be significantly higher in 2012.”

American Crossroads, a 527 independent expenditure committee, and Grossroads GPS, a nonprofit, combined to raise and spend more than $70 million during the 2010 cycle, placing them atop the list of outside conservative groups. 

As part of the Tuesday morning announcement, American Crossroads also announced the creation of the Presidential Action Fund, which will be dedicated to “shaping the issue environment and driving high-impact messages and themes in 2012.” The organization will conduct “in-depth issue research, polling, microtargeting, issue advocacy and turnout activities.”

“The project will begin this year and build substantially next year,” according to the statement.