Obama Opts Out of Public Campaign Funding

PlusObama Opts Out of Public Campaign FundingObama Opts Out of Public Campaign FundingThe Associated PressBarack Obama is opting out of public campaign financing for the general election, reversing his earlier stance of public funds. Obama is the first major candidate to forgo public financing. (June 19)[Notes:ANCHOR VOICE] Democratic presidential nominee and fundraising powerhouse Barack Obama is opting out of the public financing system for the general election.SOTBarack Obama This means we'll be forgoing more than $80 million in public funds during the final months of this election. It's not an easy decision, and especially because I support a robust system of public financing of elections. Obama is the first candidate to forgo public funds since new financing rules went into affect in the 1970s.Last year, Obama said he would accept public financing if his Republican opponent agreed to do the same.But as Obama broke multiple fundraising records during the primary season, he began to back away from that pledge. SOTBarack Obama (from Feb 27) "If I am the nominee, then I will sit down with John McCain and make sure that we have a system that is fair for both sides."The A-P's Jim Kuhnhenn says there's little evidence that Obama tried to reach a public financing agreement with Republican John McCain.SOTJim Kuhnhenn/The Associated (2:45)"best we can tell, there was a meeting betweens Sen. Obama's lawyers and Sen. McCain's lawyers. It seemed to be a perfunctory meeting. The issue came up, but there was little negotiation, and certainly Sen. Obama and Sen. McCain, to the best of our knowledge have not discussed the issue.McCain has taken steps to accept public funds for the general election. He's criticizing Obama for backtracking, a hit the Obama campaign seems willing to take.SOTJim Kuhnhenn (6:57)"they have known for months that they would take a hit on this decision, but that it would be a short-lived hit. The public has very little interest on the issue of campaign finance." Had Obama taken public funds, he would have received about 84-million dollars to spend between the end of August and the November election.Kuhnhenn says its likely Obama can raise more than that on his own. ___ ___, The Associated Press.(****END****)

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News & Politics

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• obama
• money
• opts
• campaign
• funding

[mrssvclarke1]

That was very smart on Obama's part.Why cash an $85M check, when you can raise $300M? McCain could barely raise $8M dollars during the primaries.If he feels that that amount would limit his ability in the campaign then don't accept them either, and he can raise money himself. (Maybe by Obama's inauguration he will have $25M)

[jameskc61]

Obama is a liar and can't be trusted. He's dangerous.

[turtle4aire]

@SRR59 Obama got $100+ Million from Middle East investors and you worry about a few Million Inverter Bankers will give Mc cain. Please Give us a break here !

On the Day Obama said he will run for President he was worth $1 Mil. Dollars. On the Day of the election 1 yr. 3 months later he was worth $4 Million Dollars. He must be a good investor for he gained $3 Million dollars in a yr. ! He does not buy stocks only buys Bonds. Bonds must be a money maker for sure to make 400% in one year !

[turtle4aire]

@SRR59 Obama got $100+ Million from Middle East investors and you worry about a few Million Inverter Bankers will give Mc cain. Please Give us a break here !

[turtle4aire]

he was getting over a $100 mil. from the Middle East or Governments. he don't need the $84 Mil. from the Government ! Most of the Money come from 4 Middle East investors who met with him before the Election ! Now Iran being the biggest giver. if you have the Middle East investors giving $100+ Millons, Do worry about the Chump change the Government will give you !

[911truthseekers]

Company Finance means, Company Influence! Wake UP America! Ron Paul was the most supported Candidate! While Saving Rates and IRA rates have gone DOWN more then 100% IN THE LAST 50 year, Taxes go up on everything and the same people are controlling both, More Americans Need to Run for Office!

[IUProducer]

Now let's be fair here. Obama got support from Goldman Sachs too.. 5x more than ANY IN HISTORY. So that means $208,395 x 5 = $1,041,975.

People Obama and McCain were funding by these companies both it's just Obama went private so the numbers would be "contributions" instead of actual figures. Look at how much he was on primetime tv, you think the networks did that for free? Who paid those advertising fees? Stop lying to yourselves both candidates are businessmen just Obama looks better...

[SleepySkeptic]

I didn't realize capitalism is fair, damn.

[everysandwich]

Millions do trust him, apparently. Millions also haven't enjoyed a candidate vetted by the press, and that's the biggest tragedy to me of this election. Trusting him because millions of others do isn't a good enough reason. His strategy has been to enlist new voters, which by definition makes them previously uninterested and uninformed or young and inexperienced. "Redistributive change" is socialist, and though I'd benefit, it's unfair and caps achievement. Now, it would mean a depression.

[sk8bow]

You don't trust him but hundreds of millions do trust him. Give him a chance to positively change the country for you!

[everysandwich]

This is just one more reason why I can't trust him. He didn't know what Wright was about after *20 years.* Right. Ayers was "just a guy in the neighborhood." Uh-huh, that's why Ayers tasked Obama to spend $50 million failing to reform Chicago schools. There is no record, just obvious lies. Even if I could get past that, raising taxes now is just stupid. There has to *be* wealth before you can spread it.

[Mo00X]

Obama raised a record $150 million plus in September.

Take that McCain! :)