WASHINGTON -- Financial activity by political action committees (PACs) increased during the 1995-96 election cycle, according to figures compiled by the Federal Election Commission. From January 1, 1995, through December 31, 1996, PACs raised $437.4 million, an increase of 12% over 1994, and spent $429.9 million, up 11% over 1994. Cash on hand as of December 31, 1996, totalled $103.9 million.