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Democrat Charlie Crist, a former Republican governor of Florida (left), and Rick Scott, the current Republican governor of Florida, listen to the moderators during a gubernatorial debate on Friday. The two are facing off in a tight race that's fueling a barrage of negative campaign ads. Lynne Sladky/AP hide caption

Democrat Charlie Crist, a former Republican governor of Florida (left), and Rick Scott, the current Republican governor of Florida, listen to the moderators during a gubernatorial debate on Friday. The two are facing off in a tight race that's fueling a barrage of negative campaign ads.

Florida is home to the most expensive race in the country this midterm election one of the nation's closest and nastiest gubernatorial contests.

incumbent Republican governor Rick Scott is facing former Florida governor Charlie Crist, a Democrat. Both candidates are well-known, both are prolific fundraisers and outside groups are pouring millions of dollars into the race. It's all combined to make it one of the nation's closest and nastiest gubernatorial races.

On paper, Scott has a lot going for him. He's an incumbent, with nearly unlimited money, in a state that's finally in economic recovery. But after four years of chronically low approval ratings, his bid for re-election is turning out to be anything but easy.

Florida is a state almost evenly divided between Republicans and Democrats. Republicans control the legislature and all the top state offices, but in the last two Presidential elections, Barack Obama mobilized Democrats and carried the state.

And Crist, the Democratic candidate for governor, is hoping to replicate that in this election.

At a campaign stop in a Miami suburb recently, Crist met with Marcela Parra, a college student upset about recent cuts in Florida's "Bright Futures" scholarship program.

"Four years ago, you would have qualified for a Bright Futures scholarship, back when I was governor, essentially," he says, as she agrees. "Now with Rick Scott and a change in policy, you don't qualify anymore."

Charlie Crist is the challenger in the race, but to Floridians, he's a familiar face. He was a Republican when he served as governor. But a lot has changed since then. He ran unsuccessfully for the Senate, first as a Republican, and then as an independent. Now, Crist is a Democrat, running for a seat he left behind just four years ago.

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Florida Governor's Race: Familiar Faces, Big Money, Brutal Ads