UNDATED (CBS) -- Currently, there are limits to the amount of money an individual can give to political campaigns. But today, those limits are being challenged in the Supreme Court.

McCutcheon v. Federal Election Commission seeks to lift the overall cap on contributions an individual can make directly to federal candidates, party committees and political action committees.

Supporters say the current laws limit free speech, while the government argues the overall limit helps to prevent political corruption.

The Supreme Court will hear oral arguments in McCutcheon v. Federal Election Commission. It will consider whether to undo some limits on contributions from the biggest individual givers to political campaigns. USA Today Supreme Court correspondent Richard Wolf says, "What the court has said in the past, dating back to 1976 is if you give too much to one candidate that could be corrupting."

The government agrees -saying overall limits help prevent political corruption.

Right now, a person can't spend more than $123,200 on federal candidates, party committees or political action committees within an election cycle.

Republican Alabama businessman Shaun McCutheon argues the current limit, limits his freedom of speech. Wolf says, "This, for the first times gets into the question of what about direct donations, can those be limited the way they have been since 1976. And the guessing is that the court will say no, they can't be limited."

A decision is not expected until next year.

In 2010 the Supreme Court's Citizens United decision lifted the restrictions on spending for corporations and unions.