Ignignokt
06-19-2008, 09:36 PM
So much for being principled.
http://news.yahoo.com/s/ap/20080619/ap_on_el_pr/obama_money
By JIM KUHNHENN, Associated Press Writer
Thu Jun 19, 7:27 PM ET
WASHINGTON - Barack Obama is abandoning public financing for his presidential campaign, reversing his earlier stance in bold certainty he can raise millions more on his own as the first major-party candidate to bypass the tax-checkoff system that was hurried into place after the Watergate scandal.
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Obama has shattered fundraising records during the primary season, and he promptly showed off his financial muscle Thursday with his first commercial of the general election campaign. The ad, a 60-second biographical spot, will begin airing Friday in 18 states, including historically Republican strongholds.
Though it opens him to charges of hypocrisy, Obama's fundraising decision was hardly a surprise, given his record in raising money from private sources. Some $85 million in public money is available to each major party nominee during the fall campaign if they agree to forgo other contributions.
McCain told reporters in Minnesota on Thursday, "We will take public financing."
As for his opponent, he said Obama "said he would stick to his word. He didn't."
Obama has proven himself to be a prodigious fundraiser who could easily raise more than the public fund supplies. And while he and his advisers know McCain and other Republicans will criticize his decision, they understand that issues of campaign finance do not rank high in most voters' minds.
By releasing his first ad of the general election, Obama also diluted the impact of the money story with a strong visual that was likely to dominate television coverage of the campaign. Obama will draw attention to his finances again on Friday, when his campaign files its May fundraising report with the Federal Election Commission.
Obama's decision represents a significant milestone in the financing of presidential campaigns. President Bush was the first candidate to reject public financing of primaries when he ran in 2000. But no candidate has ignored the general election funds since the law setting up the presidential finance system was approved in 1976.
"It's not an easy decision, and especially because I support a robust system of public financing of elections," Obama told supporters in a video message Thursday. "But the public financing of presidential elections as it exists today is broken, and we face opponents who've become masters at gaming this broken system."
McCain sharply rebuked the Illinois senator on Thursday.
"This election is about a lot of things. It's also about trust," McCain said. "It's about keeping your word."
Last year, Obama filled out a questionnaire where he vowed to "aggressively pursue an agreement with the Republican nominee to preserve a publicly financed general election." But since clinching the Democratic nomination earlier this month, Obama has not broached the subject with McCain. The only discussion occurred about two weeks ago between Obama's and McCain's lawyers,
Obama lawyer Robert Bauer said he discussed the public financing issue for 45 minutes on June 6 with McCain counsel Trevor Potter. In interviews and e-mails, both Bauer and Potter agree that Bauer raised concerns about McCain having a head start because he had secured the nomination in early March and Obama did not until June 3. Potter said he told Bauer that given Obama's fundraising "I was sure there would be no McCain advantage by the end of the summer."
That meeting, Potter said, "was not part of any negotiation" on public financing.
"There was no aggressive pursuit of negotiations with the McCain campaign, there was no pursuit, period, of negotiations with the McCain campaign," Potter added later in a conference call with reporters.
At a breakfast with reporters Thursday, Bauer said that after his meeting with Potter, "It became clear to me, and I reported to the campaign, that there really wasn't a basis for further discussion."
Several campaign finance watchdog groups voiced dismay at Obama's decision, with Democracy 21 President Fred Wertheimer noting that the conditions Obama had initially set for accepting public funds had been met.
Sen. Russ Feingold, a Wisconsin Democrat who has worked with McCain on campaign finance laws in the past, praised Obama for his support of current campaign finance legislation, but added: "This decision was a mistake."
Obama raked in more than $265 million as of the end of April. Of that, nearly $10 million was for the general election, reserved for spending after the party's national convention in August. McCain had raised nearly $115 million by the end of May, eligible for spending before the convention.
McCain filed his May fundraising report Thursday with the Federal Election Commission, showing he raised $21 million during the month and started June with $31.5 million cash on hand. McCain had announced those numbers earlier this month. He spent a total of $11.7 million in May.
On the other hand, Obama's clear financial advantage over McCain is offset in part by the resources of the Republican National Committee, which has far more money in the bank than the Democratic National Committee. Both national parties can spend money on behalf of the presidential candidates.
Obama said McCain and the Republican National Committee are fueled by contributions from Washington lobbyists and political action committees.
"And we've already seen that he's not going to stop the smears and attacks from his allies running so-called 527 groups, who will spend millions and millions of dollars in unlimited donations," Obama said.
Despite that claim, few Republican-leaning groups have weighed into the presidential contest so far. In fact, Obama allies such as MoveOn.org are the ones that have been spending money on advertising against McCain.
McCain and Obama both declined public financing in the primary contests, thus avoiding the spending limits that come with the money. McCain had initially applied for the money, however, and has been in a dispute with the Federal Election Commission over whether he needed its approval to decline the funds. The FEC insists that he does, but has not had a quorum to act because four of its six seats have been vacant pending Senate confirmation of presidential nominees. McCain lawyers have disputed the need for FEC approval.
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http://news.yahoo.com/s/ap/20080619/ap_on_el_pr/obama_money
By JIM KUHNHENN, Associated Press Writer
Thu Jun 19, 7:27 PM ET
WASHINGTON - Barack Obama is abandoning public financing for his presidential campaign, reversing his earlier stance in bold certainty he can raise millions more on his own as the first major-party candidate to bypass the tax-checkoff system that was hurried into place after the Watergate scandal.
ADVERTISEMENT
Obama has shattered fundraising records during the primary season, and he promptly showed off his financial muscle Thursday with his first commercial of the general election campaign. The ad, a 60-second biographical spot, will begin airing Friday in 18 states, including historically Republican strongholds.
Though it opens him to charges of hypocrisy, Obama's fundraising decision was hardly a surprise, given his record in raising money from private sources. Some $85 million in public money is available to each major party nominee during the fall campaign if they agree to forgo other contributions.
McCain told reporters in Minnesota on Thursday, "We will take public financing."
As for his opponent, he said Obama "said he would stick to his word. He didn't."
Obama has proven himself to be a prodigious fundraiser who could easily raise more than the public fund supplies. And while he and his advisers know McCain and other Republicans will criticize his decision, they understand that issues of campaign finance do not rank high in most voters' minds.
By releasing his first ad of the general election, Obama also diluted the impact of the money story with a strong visual that was likely to dominate television coverage of the campaign. Obama will draw attention to his finances again on Friday, when his campaign files its May fundraising report with the Federal Election Commission.
Obama's decision represents a significant milestone in the financing of presidential campaigns. President Bush was the first candidate to reject public financing of primaries when he ran in 2000. But no candidate has ignored the general election funds since the law setting up the presidential finance system was approved in 1976.
"It's not an easy decision, and especially because I support a robust system of public financing of elections," Obama told supporters in a video message Thursday. "But the public financing of presidential elections as it exists today is broken, and we face opponents who've become masters at gaming this broken system."
McCain sharply rebuked the Illinois senator on Thursday.
"This election is about a lot of things. It's also about trust," McCain said. "It's about keeping your word."
Last year, Obama filled out a questionnaire where he vowed to "aggressively pursue an agreement with the Republican nominee to preserve a publicly financed general election." But since clinching the Democratic nomination earlier this month, Obama has not broached the subject with McCain. The only discussion occurred about two weeks ago between Obama's and McCain's lawyers,
Obama lawyer Robert Bauer said he discussed the public financing issue for 45 minutes on June 6 with McCain counsel Trevor Potter. In interviews and e-mails, both Bauer and Potter agree that Bauer raised concerns about McCain having a head start because he had secured the nomination in early March and Obama did not until June 3. Potter said he told Bauer that given Obama's fundraising "I was sure there would be no McCain advantage by the end of the summer."
That meeting, Potter said, "was not part of any negotiation" on public financing.
"There was no aggressive pursuit of negotiations with the McCain campaign, there was no pursuit, period, of negotiations with the McCain campaign," Potter added later in a conference call with reporters.
At a breakfast with reporters Thursday, Bauer said that after his meeting with Potter, "It became clear to me, and I reported to the campaign, that there really wasn't a basis for further discussion."
Several campaign finance watchdog groups voiced dismay at Obama's decision, with Democracy 21 President Fred Wertheimer noting that the conditions Obama had initially set for accepting public funds had been met.
Sen. Russ Feingold, a Wisconsin Democrat who has worked with McCain on campaign finance laws in the past, praised Obama for his support of current campaign finance legislation, but added: "This decision was a mistake."
Obama raked in more than $265 million as of the end of April. Of that, nearly $10 million was for the general election, reserved for spending after the party's national convention in August. McCain had raised nearly $115 million by the end of May, eligible for spending before the convention.
McCain filed his May fundraising report Thursday with the Federal Election Commission, showing he raised $21 million during the month and started June with $31.5 million cash on hand. McCain had announced those numbers earlier this month. He spent a total of $11.7 million in May.
On the other hand, Obama's clear financial advantage over McCain is offset in part by the resources of the Republican National Committee, which has far more money in the bank than the Democratic National Committee. Both national parties can spend money on behalf of the presidential candidates.
Obama said McCain and the Republican National Committee are fueled by contributions from Washington lobbyists and political action committees.
"And we've already seen that he's not going to stop the smears and attacks from his allies running so-called 527 groups, who will spend millions and millions of dollars in unlimited donations," Obama said.
Despite that claim, few Republican-leaning groups have weighed into the presidential contest so far. In fact, Obama allies such as MoveOn.org are the ones that have been spending money on advertising against McCain.
McCain and Obama both declined public financing in the primary contests, thus avoiding the spending limits that come with the money. McCain had initially applied for the money, however, and has been in a dispute with the Federal Election Commission over whether he needed its approval to decline the funds. The FEC insists that he does, but has not had a quorum to act because four of its six seats have been vacant pending Senate confirmation of presidential nominees. McCain lawyers have disputed the need for FEC approval.
Email Story IM Story Printable View Yahoo! Buzz RECOMMEND THIS STORY
Recommend It:
Average (1180 votes)
» Recommended Stories
Full Coverage: 2008 Presidential Election
Off the Wires
McCain meets with Hispanic leaders AP, 21 minutes ago Culver aides: McCain ignored request to cancel Iowa visit AP, 26 minutes ago News Stories
Obama Forgoes Public Money in 1st for Major Candidate at The New York Times, Jun 19 Obama to decline public financing Politico via Yahoo! News, Jun 19 Opinion & Editorials
More than a flip-flop: McCain's call for offshore drilling at MarketWatch, Jun 19 Drilling For Answers on Obama's Claims at National Review, Jun 19 Elections
Obama bypasses public money — 1st since Watergate AP Obama team weighs Nunn, Edwards as running mates AP McCain reports May finances, sets personal record AP Analysis: Obama chose winning over his word AP Obama apologizes to Muslim women; apology accepted Politico Most Viewed - Politics
Obama team weighs Nunn, Edwards as running mates AP China admits taking, burying US POW from Korea AP Hundreds swept up in mortgage fraud arrests AP House votes to provide $162 billion in war funding AP McCain reports May finances, sets personal record AP Politics Video
Obama opts out of public campaign funding AP - Thu Jun 19, 6:32 PM ET Could men swing the vote? CNN - 2 hours, 1 minute ago How Vietnam shaped McCain CNN - Thu Jun 19, 10:46 AM ET Clyburn: Obama won't get all Dems CNN - Thu Jun 19, 7:15 PM ET Related Video
Obama: No public financing
CNN
Richardson on Obama VP prospects, Clintons
AP
» All news video
AP Photo: Democratic presidential candidate Sen. Barack Obama, D-Ill., left, talks with Howard Dean, right, the head... Slideshow: Barack Obama
Related
Democrat Barack Obama's message to supporters AP
Obama's statements on public financing AP
News Search
Search
Related Searches:
presidential elections
general election campaign
Republican nominee
general election
Elsewhere on the Web
Politico: Obama out of system, but not out of character
ABC News: Justice Department Ousted Torture Critic
McClatchy Newspapers: Obama, with plenty of money, forgoes public financing
Election 08
2000 redux?
Insiders from both parties say Obama could win the popular vote, but lose the election.
McCain tours flood-damaged Iowa
Obama opts out of public campaign finance system
McCain seeks to double number of U.S. nuclear reactors
See primary results and latest poll numbers
Yahoo! News Topic Pages
State-by-state election coverage via a series of in-depth topic pages. Good Morning Yahoo!1 man, 1 day, 100 skydives
Play Speed-jumping feat is all for
a good causeSee today's talked-about videos ADVERTISEMENT
Add headlines to your personalized My Yahoo! page
(About My Yahoo! and RSS)
Race for '08 - Barack Obama
Add to My Yahoo! Add to RSSElections Wires
Add to My Yahoo! Add to RSSElections 2008
Add to My Yahoo! Add to RSS» More news feeds
NEWS ALERTS
Get an alert when there are new stories about:
Barack Obama
presidential elections
general election campaign
Republican nominee
general election
» More alerts