This week the McCain’s campaign admitted that it will probably have to accept public funds for the general
election in November. This means that Mr.McCain could have a guaranteed $84 million to spend between the Republican convention in September and the election. This also indicates that if he accepts cash from taxpayers, he cannot spend more than one dime from any other source (The Republican Party can also spend another $19 million or so to support him in the campaign).
The public financing system was established in 1974 after scandals involving illegal contributions to Richard Nixon’s campaign and other abuses. This financing system for the primary nominating contests already had fallen apart in 2000, when George W. Bush dropped out in the Republican primary. This year, Sens. McCain, Clinton and Obama also left the system because of the tight spending caps it imposes.
Mr. McCain has raised some $72 million so far, but spent most of it winning his party’s nomination. At the end of March his campaign had about $11.5m in the bank. Such sums are pocket change to Barack Obama, who has raised an incredible $235m. The Illinois Senator had already set all time fund-raising records this presidential campaign, raising $95 million in February and March alone.
By not taking public money, Sen. Obama can be more nimble in deploying field staff, running television ads, and other campaign activities, because he won’t need to rely on help from the Democratic National Committee and state parties. It’s just easier, you don’t have to talk to anybody, just write the check.
Indeed, the Obama campaign’s sync with grassroots based on the web-focused fund raising operation is just amazing. He has a donor base of 1.3 million people, and now more than half his contributions over the Internet is from people giving $200 or less.The current system of public financing for elections is “creaky”, he says. The Obama method of raising lots of small donations over the internet is like a “parallel public financing system,” he told donors earlier this month.
well, perhaps the even more amazing thing is: the most effective way to raise money from public has, actually, NOTHING to do with a “public financing system”.
Filed under: Barack Obama, John McCain Tagged: | Barack Obama, Campaign Finance, John McCain, Public Financing System
