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****)