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McCain, Obama Make Deal on Financing
Sens. John McCain and Barack Obama have agreed to accept just public financing for the general election if they are the Republican and Democratic nominees for president in 2008. Under current federal regulations, candidates can receive taxpayer funds for the election. In return, they are not allowed to raise or spend any additional funds. Some candidates may be able to raise as much as $500 million in private money for the 2008 race, according to the New York Times, and rejecting the public financing. Under the agreement, each campaign would be limited to $85 million for the general election. Obama proposed the idea in February, and the Federal Election Commission approved it Thursday. McCain’s campaign chairman told the Times that he welcomed the decision.
Story Continues Below "Should John McCain win the Republican nomination, we will agree to accept public financing in the general election, if the Democratic nominee agrees to do the same,” Terry Nelson said. Obama's spokesman, Bill Burton, told the paper: "We hope that each of the Republican candidates pledges to do the same” and would "aggressively pursue an agreement” with whoever was the GOP nominee. Fred Wertheimer, president of Democracy 21, told Bloomberg.com: "This is now a real issue in the 2008 presidential campaign. "Every presidential candidate is going to have to deal with it." © NewsMax 2007. All rights reserved. Editor's note:
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