The Supreme Court struck down limits today in federal law on the overall campaign contributions the biggest individual donors may make to candidates, political parties and political action committees.

The justices said in a 5-4 vote that Americans have a right to give the legal maximum to candidates for Congress and president, as well as to parties and PACs, without worrying that they will violate the law when they bump up against a limit on all contributions, set at $123,200 for 2013 and 2014. That includes a separate $48,600 cap on contributions to candidates.

But their decision does not undermine limits on individual contributions to candidates for president or Congress, now $2,600 an election.

Chief Justice John Roberts announced the decision, which split the court's liberal and conservative justices. Roberts said the aggregate limits do not act to prevent corruption, the rationale the court has upheld as justifying contribution limits.

The overall limits "intrude without justification on a citizen's ability to exercise 'the most fundamental First Amendment activities,'" Roberts said, quoting from the court's seminal 1976 campaign finance ruling in Buckley v. Valeo.

Justice Clarence Thomas agreed with the outcome of the case, but wrote separately to say that he would have gone further and wiped away all contribution limits.