Richard Tafoya
Jun 19th, 2008, 11:18 AM
LA Times:
http://www.latimes.com/news/politics/la-na-campaign20-2008jun20,0,5686769.story
Democrat Barack Obama today rejected public financing for his presidential campaign, changing an earlier stand and becoming the first major party candidate to drop out of the system since it began after the Watergate scandal.
In a prepared statement, Obama said his campaign would give up more than $84 million that would have been available for the general election because he believes the public financing system is broken.
"It's not an easy decision, and especially because I support a robust system of public financing of elections," Obama said. "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."
Early in the primary season, Obama had said he would use public financing if his Republican opponent did. But that was before the presumptive Democratic nominee harnessed the Internet and became a fund-raising powerhouse.
...
"I'm asking you to try to do something that's never been done before. Declare our independence from a broken system, and run the type of campaign that reflects the grass-roots values that have already changed our politics and brought us this far," he said.
The Obama campaign turned the Internet into an electoral cash register, raising more than $265 million, a record, by the end of April. Of that, $10 million was earmarked for the general election.
McCain trails in fund-raising, taking in $115 million by the end of May. But the Republican National Committee has more resources than its Democratic counterpart.
http://www.latimes.com/news/politics/la-na-campaign20-2008jun20,0,5686769.story
Democrat Barack Obama today rejected public financing for his presidential campaign, changing an earlier stand and becoming the first major party candidate to drop out of the system since it began after the Watergate scandal.
In a prepared statement, Obama said his campaign would give up more than $84 million that would have been available for the general election because he believes the public financing system is broken.
"It's not an easy decision, and especially because I support a robust system of public financing of elections," Obama said. "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."
Early in the primary season, Obama had said he would use public financing if his Republican opponent did. But that was before the presumptive Democratic nominee harnessed the Internet and became a fund-raising powerhouse.
...
"I'm asking you to try to do something that's never been done before. Declare our independence from a broken system, and run the type of campaign that reflects the grass-roots values that have already changed our politics and brought us this far," he said.
The Obama campaign turned the Internet into an electoral cash register, raising more than $265 million, a record, by the end of April. Of that, $10 million was earmarked for the general election.
McCain trails in fund-raising, taking in $115 million by the end of May. But the Republican National Committee has more resources than its Democratic counterpart.