2008 candidates opt out of public financing
The public financing system for presidential campaigns, a post-Watergate initiative hailed for decades as the best way to rid politics of the corrupting influence of money, may have quietly died over the weekend.
Senator Hillary Rodham Clinton of New York became the first candidate since the program began in 1976 to forgo public financing for both the primary and the general election because of the spending limits that come with the federal money. By declaring her confidence that she could raise far more than the roughly $150 million the system would provide for the 2008 presidential primaries and general election, Mrs. Clinton makes it difficult for other serious candidates to participate in the system without putting themselves at a significant disadvantage.
Officials of the Federal Election Commission and advisers to several campaigns say they expect the two candidates who reach Election Day 2008 will raise more than $500 million apiece. Including money raised by other primary candidates, the total spent on the presidential election could easily exceed $1 billion.
People involved in the Republican primary campaign of Senator John McCain of Arizona say he, too, is beginning to seek private donations for the primary and general elections, albeit with the option of returning them. A longtime proponent of campaign finance change, Mr. McCain has recently removed his name as a co-sponsor of a bill to expand the presidential public financing program.
Former Gov. Mitt Romney of Massachusetts, another Republican primary contender, has already decided to forgo public financing for the primaries. Senator Barack Obama of Illinois, a rival to Mrs. Clinton for the Democratic nomination, declined to comment, as did spokesmen for several other candidates.
In a sense, Mrs. Clinton was merely confirming what many in Washington already knew: that the public financing system has failed to keep pace with the torrents of money flowing toward the presidential elections. In 2004, President Bush and Senator John Kerry, the Democratic candidate, each opted out of the system for the primaries but not the general election. By accepting the public financing, they had to agree not to raise or spend any private money for the period after their nominating conventions.
But when Mr. Bush raised some $270 million, and Mr. Kerry about $235 million, it became clear that major-party candidates could raise far more from private donors than from the public system.
“The 2008 race will be the longest and most expensive presidential election in American history,” said Michael E. Toner, chairman of the Federal Election Commission. “Top-tier candidates are going to have to raise $100 million by the end of 2007 to be a serious candidate.” He added: “We are looking at a $100 million entry fee.”
The turn away from public financing is the twilight of a system once welcomed as a new era of clean government.
nytimes
Stumble it!
January 31st, 2007 at 4:54 am
I can’t forget that when Bill Clinton was running for President the first time, Hillary invested $1000 in some stock in Arkansas, and sold that stock ONE month later for $100,000. I’d like to take advantage of that stock option too. I can only come to the conclusion that this goes on all over our political system. I just want an equal chance to run for the presidential position in 2008. Money elects presidents, not the citizens.
Citizens actually don’t elect President, the Electors in your state elect the president. Are you tired of that?